The Federal Housing Administration stated last week that it will raise premiums on new mortgages it insures. Increases are expected to be about 10 basis points.
The FHA is also planning to raise premiums for borrowers with jumbo loans – loans of $625,000 or more. These loans will have new down payment requirements of 5 percent up from 3.5 percent.
Given that most buyers these days have been conventional, there will be a minimal impact. Also, the rise in premiums is so nominal given the historically low rates, most FHA buyers will shrug this news off and pursue the home of their dreams.
Author:Kevin Kieffer Phone: 925-300-8000 Dated: February 10th 2013 Views: 855 About Kevin: Kevin R. Kieffer is a Broker Associate and Realtor with Compass. His primary focus is the East Bay r...
The EastBayPro Team of Compass Real Estate consist of the following professionals: Kevin R. Kieffer, Broker Associate, Naomi T. Kieffer, GRI, Realtor, Scott & Rochelle Maher, Realtors, Realtor, Matt Rubenstein, Realtor, Ken Wilson, Realtor, Taylor Pollard, Realtor & Heather Gowdy, Realtor. This team is ranked in the top 1% of Contra Costa County and are Five Star Agents as seen in Diablo Magazine - Offices in Walnut Creek & Danville - serving communities throughout the East Bay
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