Planning to use an FHA-backed mortgage for your next home loan? You might want to get your application in gear today.
Beginning mid-June 2012, certain current, FHA-backed homeowners will be able to refinance their existing FHA mortgage into a new one, without having to pay the government-backed group’s new, costly mortgage insurance premium schedule.
Beginning April 1, 2012, the FHA is once again raising its mortgage insurance premiums.
As signed into law last Friday, maximum FHA loan limits are — once again — as high as $729,750.
Effective for all FHA case numbers assigned on, or after, April 18, 2011, annual mortgage insurance premiums (MIP) will increase 25 basis points.
Because of how frequently bank rules are changing, it can be hard for laypersons to distinguish between mortgage fact and fiction of what’s coming next. Recently, we saw this with respect to FHA home loans.
In a statement issued Wednesday, the Federal Housing Authority outlined policy changes to its mortgage assistance program. The shift is meant to both reduce the government group’s portfolio risk while strengthening its overall financials. For consumers, the changes mean higher costs.
The FHA published its 2010 loan limits. There’s no change from 2009.
Mortgage Questions?
Follow Us On Twitter
- Existing Home Sales Climb 3.4 Percent In April http://t.co/0f4pUzQB
- Home Affordability Reaches New High In Q1 2012 http://t.co/bB0EhV1c
- Whatâs Ahead For Mortgage Rates This Week : May 21, 2012 http://t.co/dKAkp4Ws
- Is More Fed-Led Stimulus On Its Way? http://t.co/ryrOVWWj
- Single-Family Housing Starts Powers Ahead http://t.co/1b1pgrgO
Mortgage Calculator
$ % yrs % $ Mortgage Disclosures
This is not an offer to lend. All approvals are considered based on current guidelines.
⇒ Read Full Disclosure
Guaranteed Rate 3940 N. Ravenswood Ave. Chicago, IL 60613 800.921.2430