Effective 4/18/11 the premium chart will appear as below:
If a borrower is applying for a $163,000 loan, the increase would add $33 a month to the payment. The FHA letter came out on 2/14/2011with a detailed description of the plan. This is bad news for borrowers seeking FHA financing. With rates on the rise and borrowers costs going up will only hurt the fragile real estate market. It will only be harder for borrowers seeking financing to qualify if costs go up this will effect debt to income ratios. I am suggesting to my clients to get your real estate contracts in and submit FHA loan applications ASAP. The real estate financing is getting tougher and tougher each day. I am still poised to inform my clients that we are still lending strong!
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