Changes are Coming to FHA Home Loans
I am a fan of the FHA home loan because it helps so many first time buyers get a home here on the SF Peninsula where home prices are an the high side. What saddens me are the recent changes in store for FHA clients.
Newly Originated FHA-Insured Loans Will Become More Expensive Beginning June 3, 2013.
One of the attractive features of FHA mortgages is the low down payment option. In fact, many FHA loan programs require as little as 3.5% down.
Today, mortgage insurance on FHA loans remains in place for a finite period of time. However, on most new FHA loans originated on or after June 3rd, the MI premium will remain for the life of the loan.
Now sure how this will impact you? Give The Caton Team a call or email!
If you or someone you care about have considered purchasing a home, please contact us immediately to ensure this new FHA policy doesn’t increase the lifetime cost of the transaction. Beating the June 3rd clock could potentially save thousands over the life of the loan.
And please do not be discouraged – there are several different loan options and programs available!
Thank you Melanie Flynn of First Priority Financial for this information. If you would like to connect with Melanie – give us a call or email!
Got Questions? – The Caton Team is here to help.
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Thanks for reading – Sabrina