Philadelphia Mortgage Update: FHA Premiums Increasing
Philadelphia Mortgage Update: FHA Premiums Increasing
Some interesting Philadelphia Mortgage news for FHA buyers considering purchase in the next 60 – 90 Days. Got an email from a local lender letting us know that the cost of purchasing an FHA loan will increase effect April 1, 2012.
FHA just announced that it is nearly DOUBLING the upfront mortgage insurance premium that is charges on loan effective 4/1/12. The upfront premium will go from 1.00% to 1.75%. WOW…just in time for the spring market. Just what everyone needs to hurt sales. The key to avoid this is have the case number assigned PRIOR to 4/1/12. To assign a case number the buyer will need the property address of the property they are buying. This increase also applies to refinances as well. The monthly premium will go up in June.
Unfortunately this isn’t an April Fool’s Day joke. As the email points out the key to avoid the increase is to make sure you have a signed contract and FHA case number prior to April 1, 2012.
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Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog
Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623 Direct
610.636.4364 Cellular
888.308.1148 Fax
[email protected]
CenterCityTeam.com: Philadelphia Real Estate
