FHA Loans – Fee Hike Coming in April

FHA Buyers; Don’t wait, it WILL be too late!
The FHA Mortgage Insurance Premium (MIP) is going up for the FIFTH time in as many years!! In 2008 it was .55, in April of this year it will be 1.25%. In order for an existing FHA borrower to take advantage of today’s low rates they must be making their payments on time and in addition the lender must demonstrate that the borrower is saving a minimum of 5%.

Source = Chris Sorensen – The HELP Program

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