FHA Rules to change around March 31st on Mortgage Insurance!

[MovingForward_2012]

It will sometime after the announcement. No one knows at this point. It could be 6-12 months from the announcement. I am thinking it will be within that timeframe.

[jennaxx]

Is this only if you put less than 20% down ?

[Mike_B03]

It does not matter how much you put down, if it's an FHA loan, then whatever rules are in place at the time it affects the loan.

[jennaxx]

and this new rule that maybe coming is what affects this ? As on the FHA site itself (first paragraph) it says mortgage insurance is for buyers with less than 20% down.

http://www.fha.com/fha_requirements_mortgage_insurance.cfm

[MovingForward_2012]

That's not a reputable site. The FHA website is www.fha.gov NOT .com

PMI will be required for the life of the loan with less than 10% down starting June1st. Right now it is only required until 78% LTV.

[jennaxx]

Thanks !

[foofighter74]

Thank God we'll have a case number by the end of March. 

[tooleman694]

I know right. If this was the case now I would be going conventional.

[MovingForward_2012]

+1, so glad I have gotten in the door before the door closes as well. These new FHA rules are awful! I am curious to watch how these new rules are going to affect mortgage loans going forward.

[tooleman694]

Only people going FHA will be the ones that have to. Or that cant wait.