Reminder…
Another reason for buyers to purchase and take advantage of the tax credits!
Beginning on April 5th Upfront Mortgage Insurance Premiums for FHA loans will increase from 1.75% to 2.25%.
Example on a $150,000 purchase price utilizing maximum FHA financing the financeable UFMIP will increase by $723.00 (again this is a financeable expense). This will increase the loan amount for all borrowers going forward (premium is calculated based upon the actual base loan amount with a minimum 3.5% down payment).
