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FHA insurance premium hikes will impact high wage earners most


By golfplan18   Follow   Sun, 3 Feb 2013, 11:34pm PST   215 views   1 comment
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http://ochousingnews.com/news/fha-insurance-premium-hikes-will-impact-high-wage-earners-most?source=Patrick.net

Housing markets in Coastal California are dominated by high wage earners. In the more affluent markets, the GSE conforming loan limit is $625,000, yet the FHA limit is $729,750. GSE conforming loans can be obtained with only 5% down with private mortgage insurance of around 0.62%. FHA loans previously could be obtained with 3.5% down with an PHA insurance premium of 1.25%. The FHA loan which only requires 3.5% down instead of 5% has been very popular despite the onerous insurance premiums because after a massive debt binge and severe recession, most potential homebuyers are still broke.

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Oil Can   Sun, 3 Feb 2013, 11:40pm PST   Share   Quote   Permalink   Like   Dislike     Comment 1

The changes by HUD reflect the real cost of low down payment programs.

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