Federal Housing Administration loan changes now in effect

FHA-Approved-Lender-SealIf you’re a buyer utilizing an FHA loan and you’re not already under contract, your FHA loan is now more expensive. How? Because the mortgage insurance is now scheduled to last for the life of your loan.

It used to be that your mortgage insurance would drop off (you’d probably have to request that it be removed) once you achieved 22% equity in your house. That’s no longer casinos francais en ligne the case, as that mortgage insurance is now in place until you pay off the entire mortgage.

If you were looking at an FHA loan, you might consider a NIFA loan – as of this writing (June 6), the rate is considerably lower than the current FHA rate. There are some income guidelines and a handful of other rules you need to know, but the NIFA loan will make a significant difference in your monthly payment. It’s worth exploring – talk to your lender about it and see if it makes sense for you.

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