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More FHA Changes Coming April 18

April 18, 2011  |  by John Heithaus

Jamie Smith Hopkins, outstanding Real Estate Reporter for the Baltimore Sun (aka the Real Estate Wonk), has a good write up on the changes underway at FHA.

Planning to get an FHA mortgage? Keep in mind that the annual mortgage-insurance premium for new loans is set to increase April 18 . The extra charge comes to about $42 a month — $500 a year — for a $200,000 mortgage with a 30-year term. This won’t affect anyone who already has a loan, mind you, just folks taking out new ones. And if FHA assigns a case number to your loan application before April 18, you’ll be under the current fee system. (Assuming I’m reading the FHA guidance to the mortgage industry correctly, you can get a case number early on in the loan application process.)

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