It seems like I will go a month without sending one of my random emails to Realtors and then I'll have a week where I find a couple of great things to pass along. This was one of those weeks. Here's a copy of the email I sent out this morning to all of my Realtors.
I like to believe that I am a positive person... you know, glass half full and all that stuff. Which makes me hesitate to be the bearer of bad news. But I also believe that knowledge is power. So here is your dose of upcoming negative news from FHA.
- Monthly mortgage insurance premium to be raised from 1.25% to 1.35%. If more than 5% down then this is only increase to 1.30%
- Monthly mortgage insurance premium to be for the life of loan rather than until the loan reaches 78% LTV. This is BIG deal and translates into THOUSANDS of dollars for homeowners.I hesitated to share this as we don't have an official letter with the date these things will be implemented; but they will happen. This is just ONE MORE reason to get your buyers to buy and the your sellers to sell as soon as possible. As always, I am here to help you and your clients. Let me know if you have questions on this or any other mortgage topic.Now back to my cheerful self - Have a great day!