Basically, as I understand it, here are the changes.
They are changing the terms for MIP (monthly insurance premiums). The MIP is like insurance against your mortgage, usually when you hit a certain amount of your loan paid off, the MIP would go away. The exact changes are better explained by the experts, but there are changes coming as to when MIP ends during the life of your loan.
Credit score and debt ratio scores are going to get tougher. It has already been hard to get a mortgage if you have subpar credit, I don't know what the changes are, but as always, please look at your credit and make some improvements before applying for a loan.
Downpayments on larger loans for HCOL areas will be increased to 5%. FHA loans typically require a minimum of 3.5%, they are talking about doing this for loans of more than $625,500.
There may be other changes I am missing, but those are some of the key points.
Here are several links that I found helpful and I hope you do too. FHA is a great program, and I have worked with many clients who have been able to afford a home because of FHA. Just be aware that these changes are coming, and please, talk with your lender about what it might mean for you.
http://activerain.com/blogsview/3615501/fha-changes-for-2013-mip-increase-4-1-and-more-
https://www.lendingtree.com/fha-loan/fha-changes-for-2013-article
Jennifer
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