Friday, March 2, 2012

FHA closing costs to rise April 1

This was posted on Facebook this morning by my friend Chris Pelkola Lee of Keller-Williams East Idaho, and I thought it worth sharing here.

In a nutshell, the Federal Housing Administration on April 1 is going to raise the up-front insurance premium it charges borrowers by 75 basis points to 1.75 percent of the base loan amount. That means for a $100,000 loan you will have to bring an extra $750 to closing. If you're thinking about a home loan, it might be a good idea to move fast.

Chris' Facebook page, always a good source of information, is!/IFListings