Don’t look now, but FHA mortgage insurance rates could be going up again soon.
The house recently passed the Federal Housing Administration Fiscal Solvency Act of 2012. Now the bill makes it’s way to the Senate.
The bill gives FHA the authority to raise it’s mortgage insurance premiums to as high as 2.05% annually. …That’s almost twice the 1.20% rate FHA charges today.
If this bill becomes law – (and it probably will) it will reduce the pool of borrowers that can qualify for an FHA mortgage.
This is unfortunate because these likely changes will hurt the very people that need the FHA program to purchase a home.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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