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On April 1 this year the FHA mortgage insurance rate (MI) will increase on FHA loans. If you are planning on getting an FHA loan with less than 20% down, this will affect your loan. This is just general information, so please check with your loan officer to see how these changes will effect your financing when you purchase your home.
Right now FHA loans have 2 levels of MI:
Effective April first the MI will change to:
If you are shopping or a home and are using FHA financing, you need to be under contract by April 1, 2013 to get the current MI rates. Please consult with your mortgage loan officer for more information.
Wells Fargo is sponsoring the Neighborhood Lift Program event on September 7th & 8th. Neighborhood Lift is a temporary program that can provide qualified buyers with up to $15,000 in down payment assistance when purchasing their own primary residence. For many buyers, coming up with the down payment is the biggest obstacle toward purchasing a home. The residence must be in the cities of Minneapolis or St. Paul to qualify. Although Wells Fargo is sponsoring this program, buyers can work with other lenders for the mortgage on their home. For more information on this program and how to sign up, click here.