| homeownership| home ownership| owning real estate| buying real estate| financing real estate| Rebecca Ashley Martinez| Green Dream Homes Inc| gdhi| real estate company| #1 real estate agent| FHA |FHA MIP| MIP| mortgage insurance premium| fha guidelines| real estate finance| financing real estate| financial options| first time home buyer| low down payment| down payment assistance| FHA guideline changes| Carbon Monoxide| carbon monoxide detectors| co detectors| proper installation| Safe family| keep family safe| how to | how to install carbon monoxide detectors| detectors| Living In Portland| Living in Portland, Oregon| Portland living|Visiting Portland, Oregon|Portland| Oregon| Ideal Place To Live| Living in Portland| visiting Portland| Portland neighborhoods| SE Portland| NE Portland| SW Portland | NW Portland| Downtown Portland| Portland Real Estate| Portland Real Estate Market| Progressive community|Green Dream Homes Inc| Rebecca Ashley Martinez| Green Dream Homes| Portland homes| homes in Portland| Oregon homes| Oregon real estate| homes in Oregon| homes in OR| OR real estate| Real Estate| Portland real estate| Portland Real Estate| Portland real estate| portland homes|portland homes| Portland Homes| local homes| buy your home| BUY HOME|Buyers agent| BUYERS agent| buyers Agent| Buying homes| buyers agent|buyer agent| BUYER Agent|Portland buyer agent| Portland buying agent| portland homes|real esttate agent| real estae agents| portland real estate agents|buy my house|buy my house| buying my house| buy a home| home| home for sale| FREE consultation| FREE advice| Free real estate advice| free real estate consultation|real estate consultation| Real Estate consultaiton| home consultation| home cma|cma|FREE|Free advice| free real estate advice| free real estate help| help with selling home| selling home agent broker| #1 broker in Portland| #1 real estate broker in Portland| Portland's #1 agent Frre comparative market analysis| Free report| realtor| real estate agent| REALTOR|Realtor| Free home list| Free home lists|FREE HOME LISTS| Free representation| Free buyers representation| Free advice| Free buying agent|no fee agent| No Fee Agent| No Fee real estate buyers agent|buy a home|buying a home in Portland| buy a home in Portland| portland homes|Portland home buyer|mortgage options| lending options
Written By: Rebecca Martinez
FHA The Federal Housing Authority has been this country's most affordable financing option for low-down payment and first-time homeowners. FHA has made home ownership possible for many lower income , and credit blemished Americans. However, as of April 1, 2013 FHA loans will be more expensive, less appealing and more difficult to attain.
FHA's guidelines and MIP (mortgage insurance premium) will increase and change once again. As of April 1, the MIP (mortgage insurance premium) will be increased by one-tenth of a percent. This will be the third increase of MIP since 2011.
Other forthcoming changes will begin as of June 3, 2013 which will include a minimum requirement of 5 percent down on all FHA loans above $625,500, and mandatory manual underwriting for all borrowers with credit scores below a 620 exceeding a 43 percent debt to income ratio.
FHA will also rescind on one of it's most popular policies which is giving the borrower the right to cancel mortgage insurance premiums after the loan reaches a lower loan to value percentage and declines to 78 percent of it's value.
As of June 3, 2013 the borrower will no longer have the right to cancel the mortgage insurance premium, and will be forced to keep the MIP (mortgage insurance premium) through the entire life of the loan.
These new guidelines will make an FHA loan more expensive, and unappealing to a low-down payment borrower. Always remember to ask a qualified mortgage professional to provide you with all of your financing options.
Sources:
For more information visit
Daily Herald By: Ken Harney @2012 Washington Post Writers Group
No comments:
Post a Comment