FHA CHANGES
Good morning all. More changes are here in regards to FHA backed mortgages. While these changes don’t have a big impact it’s one more obstacle for the buying public.
Product/Program Changes:
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Change
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Current Factors
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NEW Factors
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FHA Upfront Mortgage Insurance Premium Factors
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Purchase and Rate and Term Refinances: 1.75%
Streamline Refinances: 1.50%
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Purchase and Rate and Term Refinances: 2.25%
Streamline Refinances: 2.25%
Note: Annual MIP is not affected with this change
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As you can see not a real big deal. FHA still allows a buyer a low downpayment. I have always believed a buyer should have some “skin” in the game and this is a nice alternative for financing.
Pleas give us a call if you have any more questions.
Thanks,
Brian
