Hurry On FHA Loan To Buy Your Malibu Home

by ritasimpson on March 2, 2012

in Money Talk

FHA loans offer what you just can’t get anywhere else – up to $729,750 loan with as little as 3 ½% down.  Of course that’s why they charge for mortgage insurance.

 

Good that you can finance the upfront fee (current 1% of the loan amount) but now the rate is going up, and very soon.

 

Buyers  interested in buying a Malibu home with FHA financing should get in escrow THIS MONTH as the new fee will be 1.75% starting April 1st (jeez, the government can be so ironic, April 1st?).  On a maximum loan that is another $5,473 added to the loan (or paid in escrow).

 

Christmas in March!!

 

And to pay for the Temporary Payroll Tax Cut Continuation Act of 2011 FHA is also increasing the annual mortgage insurance rate.  This will increase monthly mortgage insurance payments by up to 19%!

 

FHA maybe the best option for buyers with under 10% down (particularly with ficos under 700).  If you are planning on buying a Malibu home and  looking at FHA get them moving.

 

FHA rates are low and appraisals are really about the same as conventional loans.

 

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