HUD is increasing the mortgage insurance premium per month by .25% for FHA loans starting April 18th. If you're getting a $300,000 loan, the monthly payment could go up by $62. If you're a buyer and need FHA financing or a seller in a FHA approved condo, you may want to get the case number ordered before April 18th. The lender can update and order the case number in their system. For seller in a FHA approved condo, even if the current buyer end up not buying the condo, the case number will stay with that property address, so any future buyer who wants to buy the property and needs FHA financing, they will be grandfathered with the better mortgage insurance premium before April 18th.
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Great post regarding the rate increase for FHA condo funding. Even with the higher rate increase, it’s probably still better than a conventional condo loan with tight restrictions on rental versus home owner occupied units.