FHA mortgage insurance changes (4/1/13 & 6/3/13)

[jordanmedical]

And make sure your LO provides you the number, bc being the end of the month, they can be crazy busy and forgetful.

[Cheryla18]

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@foofighter74 wrote:

You need an FHA Case # prior to April 1st to be subject to all FHA guidelines as they stand today.  After 4/1, as it says, the rate goes up, and in early June, you'll need to pay the mortgage insurance for the life of your loan.

From what I've heard, you get an FHA case # when you apply for a loan and you're under contract on a specific property.

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Ok so i am new to all of this...but you are saying that if you don't have 33% down on a home we have to pay PMI for the entire loan if done after 6/3/13

[Mike_B03]

Where did you get the 33% figure from? With FHA, no matter how much you put down, you always have to pay at least 5 years of PMI and starting June 1st, youll have to pay PMI for the life of the loan, no matter how much you put down or what your LTV is. Only way to get out of PMI is to refinance into a conventional loan.

[ShanetheMortgageMan]

Just a friendly reminder that there is less than a month before the big FHA mortgage insurance change.

[tooleman694]

Just when the economy is getting good

[StartingLifeOver]

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@ShanetheMortgageMan wrote:

Just a friendly reminder that there is less than a month before the big FHA mortgage insurance change.

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So am I correct in understanding that if I apply now, I won't have to pay PMI for the life of my loan but I am subject to the annual mortgage insurance premium increase?

[tooleman694]

yes

[getmycreditright]

It's more than just applying. You have to make sure your LO has an FHA case number for your loan. As long as he receives that before the cutoff, you're good. If you were to apply today, I'm sure you'd have no problem getting one.

[Cubist]

I sent my FHA loan application into Wells Fargo yesterday. I was told by my LO I should have an FHA case number assigneed to me withing the next couple of days.

[fdholmes1]

I have a prior bankruptcy and I am wondering if I have to wait to apply before the seasoning period ends or if I have to wait to close on the home.  When exactly is the case number assigned?  We want a new construction home so it will be about 8 months before we can close on the home.  We did not start looking yet because I thought we needed to wait until its been 2 years from the bankruptcy discharge before we could apply.