FHA Is Proposing These Two Changes (Not Good News)...

Good Morning!   In a recent press release HUD is proposing two changes to the FHA mortgage program... 1) They are proposing the monthly mortgage insurance on a 30 year FHA mortgage will last for the life of the loan. Right now if 5 years have passed and your LTV is 78% or lower you can eliminate monthly MI payments to FHA. ...this may very well go away. 2) They are proposing a 10 basis point increase to the annual insurance premium. Currently these are just proposals, but I would expect them both to happen at some point in the not too distant future. Suggested action: If you were considering getting an FHA mortgage do it now - not later.   Have a good day today!  ...and thanks for reading.    Brett      To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application. To sign up for my weekly mortgage quick tips - CLICK HERE.