01-31-2013 09:06 AM
01-31-2013 01:41 PM
01-31-2013 08:27 PM
It looks like the only thing taking effect April 1st is the increase in the MIP rates by 0.10%. All other changes, such as having to pay MIP for the life of the loan, starts on June 3rd. The MIP for the life of the loan is for loan with less than 10% down payment. If you put down 10% or more, then the MIP will end after 11 years.
02-01-2013 07:43 AM
That's pretty bad news. I was planning to go for an FHA mortgage in the next few months. I'm trying to get things together and get a property sold before applying for the new mortgage, but this really makes my timeline tight. Not to mention it's probably going to make things harder in terms of buying if people are trying to rush to get contracts signed and case numbers issued before June 3rd.
02-01-2013 07:48 AM
Maybe they will lower the credit score needed for conventional, that would really help out a lot of people.
Lower conventional down to a 640 so you can get out of PMI.
Use FHA if you have some credit problems and can't get up to 640.
02-01-2013 07:48 AM
02-01-2013 07:52 AM
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