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A great place to find real estate info and all things Fredericksburg.

By Tony Steveson, SWBC: FHA has backed-o

By Tony Steveson, SWBC: FHA has backed-off from a rule change that would have made it even harder for folks to get a government backed home loan. FHA had said that it was going to disqualify people with more than $1000 in medical or other collections. FHA is going to wait until July 1st before implementing changes to gather more input regarding changes. Ssome changes were borrowers will now pay 1.25 % of their mortgage balance annually, up from 1.15%.. A couple of years ago, it was just 0.55 percent. The FHA up-front mortgage insurance, which is paid at closing, increased from 1% to 1.75%.As an example, that’s $750 more borrowers will have to pay in closing costs for a $100,000 priced home. This beats the alternative though, which is having NO government backed loans for borrowers at all-which is being tossed around Congress currently.

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April 16, 2012 - Posted by | Fredericksburg TX

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