Fha increasing loan costs

Fha increasing loan costs

FHA Update 2013

FHA Update 2013

Most borrowers will face well over a point in additional fees .  Costs for lower credit scored borrowers were not increased, while those in the 680-759 score range (the majority of borrowers) face the stiffest hikes.  A home buyer with a 720-739 score who borrows $200,000 and puts down 10% faces a whopping 1.25% increase ($2500), and that’s just in the up-front fees.  The 0.10% increase in the ongoing fee makes for an additional fee over the life of that loan of more than $4000.

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FHA loans getting more expensive
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For the third time in a year, FHA is increasing its fees on the mandatory Mortgage Insurance Premium. In addition, it will be with you for the life of the loan. You used to be able to dump it when you gained equity.

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FHA extends anti-flipping
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It was supposed to expire at the end of the year. If you flipped a house within 90 days, you could not sell to someone who is getting an FHA loan. In the 90’s there was a lot of hanky panky going on. In its usual way, the govt went overboard the other way but they had recently allowed flipping with some restrictions.

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Lenders Reluctant to Issue FHA Loans
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It’s even tougher than ever to get a 3.5% FHA loan. You are more likely to fall into the traditional 10% down.. To get the lower downpayment your fico would have had to be 701 on average.

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