New Changes for FHA buyers

Are you pre-approved for an FHA loan and still shopping for the perfect place?Did you know April 1st marked a change to your FHA loan? The Federal Housing Association (FHA) can assist buyers who may otherwise not be able to afford housing through a conventional loan. When buyers are approved for an FHA home loan they are required to carry insurance to protect their lender - the FHA - from financial risk. The insurance plan includes a premium as part of your monthly payment as well as an upfront fee at the time of closing. As of April 1st there was an increase in the upfront fee buyers will need to pay for this required insurance, to 1.75%. If you are interested in learning more about FHA loans and how they can assist you in the purchase of your home please contact me today. I’m always available to help.