March 2nd, 2012 7:12 AM by Nathan Rufty
The reason for the since of urgency is that cost of doing business with HUD on FHA home loans will increase April 1st 2012. They are increasing the upfront mortgage insurance premium and the monthly insurance payment. With these small but noticeable increases, will ultimately lower the purchasing power of our buyers, so if you are looking to purchase a home, do it NOW and that will ensure you will have an established FHA case number before April 1st 2012.
Here are the changes:
The math for a $200,000 home purchase with 3.5% down and a mortgage of $193,000: