United States Department of Housing and Urban Development Seal (Photo credit: Wikipedia)
Have an FHA deal that you’re negotiating? The MIP is soon to go much higher.
As of loans issues a case number (not application date) after April 9th, 2012, the up front MIP on an over 95% LTV deal will go from 1.00% to 1.75% (yes, it’s financed still).
The monthly goes from 1.15% to 1.25% (not financed).
Yes, it will be harder to qualify for FHA financing and it’s only getting worse.
Credit score minimums will go up, collection accounts are being more scrutinized.
If you have issues and/or want to save money, get off the stick and get your loan done now!
Fred Glick's Reality 