FHA loan before June lockin on a building of a home question.?

2013-04-24 5:23 pm

there is a new change in MIP for FHA loans starting June 3 2013. if you lock in before that time you can ignore the changes. this change is that you carry MIP over the lifetime of the loan.
If I am having a house built and put in a downpayment and a contract on May 30th 2013 will I still be subject to this change because the actual loan interest rate does not lock in until 1 month before closing?
I am starting process next month and closing on house in Dec 2013.

更新1:

http://themortgagereports.com/12740/new-fha-mortgage-insurance-premium-cancellation-policy-effective-june-3-2013 the first 2 paragraphs are stated a little differently. I understand the April is a prepayment fee that you have to pay up front. its a little confusing, but my question is if I put my downpayment on a build of a house will I be subject to June 3rd changes or not??

更新2:

回答 (5)

[匿名]

2013-04-24 5:42 pm

✔ 最佳答案

Hate to tell you this but the changes went into effect April 1, 2013.

The cost increased and now MIP cannot be removed for the life of the loan.
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If you get an FHA Case Number prior to June 3, 2013 and you'll have protection you need while your loan is in-process.

Even if your closing date is after June 3, 2013 on the calendar, with a valid FHA Case Number prior to that date, you'll be grandfathered in to today's more favorable MIP policies. So, get your FHA loan underway today.

參考: http://themortgagereports.com/12357/fha-today-new-fha-mortgage-insurance-premiums-mip-announced

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Beverly S

2013-04-24 7:33 pm

FHA does not do construction loans, so no. FHA will do your permanant loan which can't be done till after the certificate of occupany is issued (home 100% complete). However, keep this in mind... the fact that the MIP on FHA loans will last 30 years doesn't keep you from refinancing on to a conventional loan once you only owe 80% or less of the value. Conventional loans are lower rate anyway & you would then stop paying mortgage insurance.

Edit: Also the change in April was an increase of the upfront MIP... not the monthly.

參考: Mortgage lender 27 years.

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Slickterp

2013-04-24 6:44 pm

You must be locked in by June 3. If the loan does not lock in until November, then you locked in after June 3. Quite simple.

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[匿名]

2016-11-05 12:54 am

which will relies upon on the living house you want to purchase. some residences do not qualify for FHA loans. call your economic business enterprise, ask for the living house loan Leander and spot what they say. FHA demands the broking to repair approximately each thing that's not as much as par. If the broking does not want to do this and desires to sell the living house as is, you will possibly desire to pass with a typical loan.

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[匿名]

2013-04-24 5:29 pm

The average yearly increase is $204.
Don't sweat this too much.
http://www.bankrate.com/financing/mortgages/fha-smacks-buyers-with-fee-hike/
The site stated: The higher fee goes into effect on April 1

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