Charlotte Real Estate

Upfront premium going down……..HOWEVER  Monthly premium will have considerable increase!

The FHA’s new mortgage insurance rates are effective for case numbers issued after October 4th. The upfront insurance is going down but the monthly premiums are going up which is going to create an unwelcome payment increase for those who started their shopping at the old rates. To take advantage of the current rates, buyers will need to act now. A case number can be obtained as soon as there is a fully executed purchase agreement. The new upfront premium will be 1.0% but the additional monthly premium for the minimum down payment borrower is going up from .55% to .90%.