News About FHA Mortgages

FYI–Here is some news about FHA Mortgages from a mortgage broker who was kind enough to pass on this info:

(FHA) is going to increase their PMI (private mortgage insurance) premium . This will take effect on April 18th. If you have potential buyers on the fence, this change will work as follows:……on a $150,000 loan size….the increase represents the following:

Current monthly PMI amount $112.50 mo
Upcoming monthly PMI amount $143.75 mo

So……monthly payment increase of $31.25.

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