In 2009, the most popular loan in the San Antonio area was likely a FHA loan. This year, FHA loans will be more costly than last year. Alan Zibel, the
Associated Press (AP) real estate writer has written a very easy to read article about the he increased FHA fees.
Click to read his article entitled "Federal Housing Administration to Raise Fees."
Summarizing the fee increases:
- the up front mortgage incurance premium (MIP) fee has risen from 1.75% to 2.25% of the loan
- the minimum credit score requirement is now 580, however some FHA lenders might accept a lower score, but only if the buyer places more money down
We will help you with mortgage loan questions and anything realty. Visit our website at
SanAntonioHomeQuest.com, call us at (210) 863-2661 or (210) 867-8743 or (800) 201-9145 or E-mail us at
swkrealtor@aol.com or
kelleybus@aol.com.
1 comment:
Randy, thanks for the good article. Although it is making it tough for home buyers, the raise in FHA loan fees is understandable
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