As a borrower, it means higher cost for you to take an FHA loan. But, FHA allows upfront mortgage insurance premium to be added to the loan amount. Hence the change in the policy wouldnt necessarily mean larger “cash to close” …
Excerpt from:
Increase in FHA Mortgage Insurance for Bay Area Home Loans …
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Tags: coming-days, cost, federal, FHA, HUD, loan, mean-larger, means-higher, mortgage insurance, the-change, the-loan, the-policy
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Nearly 18 percent of those loans were seriously delinquent, meaning at least 90 days late. ?This change is another step in our efforts to refine our mortgage credit and purchase requirements to promote responsible lending and sustainable ... Housing developments built for commuters were hit the hardest because they were the ones that attracted newcomers fleeing the huge spike in prices closer to the Bay area. those whose livelihoods depend on a healthy housing environment ...