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The Straight Truth

By Jennifer Beeston @ Guaranteed Rate Mortgage

By Jennifer Beeston | Mortgage Broker
or Lender in California

Why you want to buy now

If you do not have a ton saved and are thinking of buying a house in the next year BUY NOW.  Here is why: FHA is the number one loan being done across the country right now. As of April 18th, the cost to have that loan increases. 
If you do not have quite enough saved yet check out our
DOWN PAYMENT ASSISTANCE PROGRAM.   Below is what is going on with FHA that will affect your pocket book if you hold out on buying.


As of April 18th, 2011 FHA will once again be INCREASING their monthly mortgage insurance premiums. 

What this will look like in $

Example: $400,000 loan, less than 5% down, 30 year loan

Current monthly Mortgage Insurance: $300

New April 18th monthly Mortgage Insurance : $366.67

That is over a 20% increase!

That is an additional $800 per year in this scenario.

 

I would strongly suggest you

1)   Get qualified under upcoming changes and explore other loan programs

2)    get serious now.  You will need to be in contract prior to April 18th to avoid these changes.

Questions:  Jennifer Ready jready@mmcdcorp.com

Comments

By Jerry Cibulski,  Sun Feb 27 2011, 09:08
Great Information. Thank you for making me aware
By Allan Erps,  Sun Feb 27 2011, 09:12
Got to find two of my cleints a loan fast! Thanks for posting!
By Jennifer Beeston,  Mon Feb 28 2011, 21:11
happy to help
By Dave Shepard,  Mon Feb 28 2011, 21:40
Great article! Very informative and helpful!

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