Beginning on April 18th 2011, HUD has announced that they will be increasing their FHA monthly mortgage insurance premiums by .25%. What does this mean for consumers who are on the fence about getting an FHA loan to buy a home? This means a higher monthly payment and possibly more difficulty in getting qualified if you already have a high debt to income ratio. The current guidelines currently only require .90% which equates to about $75 on a $100K loan. With the new guidelines the monthly mortgage insurance payment would be around $95 for a $100,000 FHA loan.

Contact us today if you would like to learn more about FHA financing and beat the new deadline before the FHA increase.

Stay tuned for more updates.