April 3rd is the last day to get the cheaper mortgage insurance premiums /financing rates for FHA loans.
As of April 4th, MIP, or FHA’s version of PMI/ mortgage insurance, rises from 1.75% to 2.25%, for any application submitted for loan approval.
Buyers have 75 days after application to go to settlement to have the lower rate apply.
For the math challenged, that translates to $1,500 on a $300,000 note – almost reason enough to stop negotiating and make that offer.
If you are looking for the best FHA rates – call Steve and Eleanor Thorne, FFIS, 919-649-5058.
I try and answer all questions :)