FHA loans getting more expensive

FHA loans with the minimum 3.5% downpayment are going to require a more expensive monthly mortgage insurance effective April 1, 202. On a $100000 sale price with 3.5% downpayment, it’ll raise the monthly payment $8.04. Just another reason for buyers with good credit that want to purchase a single family owner occupied property to do a conventional 3% downpayment program- lower down payment, NO upfront mortgage insurance (lower loan amount) and lower monthly payment.

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About lizschneider66

Mortgage consultant with over 18 years experience. First time buyers, move up buyers, construction, FHA/VA, Jumbo loans, investment property purchases, & refinances- I will find the solution to financing the American dream of homeownership! Subscribe to my blog and never miss any mortgage industry news.
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