If you’re looking to purchase a home in Colorado, the cost of that loan will increase next month. For the third time in 12 months, the FHA mortgage insurance premium is changing.
I recently spoke with a client who currently owns a home financed through FHA. Her question to me was whether she could keep her current home, convert it to a rental and then turn around and purchase a new home with FHA financing. My answer?
On Monday, October 4th FHA is increasing the monthly mortgage insurance premium on new loans and those changes will almost double monthly premiums.
Beginning with FHA case numbers issued on or after October 4, 2010, the FHA is changing its upfront and annual mortgage insurance premium structures.
Starting Monday, April 5, 2010, getting an FHA mortgage will be more expensive. That means you’ll want to give a full mortgage application before the weekend so your lender can register your loan in time for the deadline.
