New FHA take Effect on September 7, 2010 in Kansas City

Starting on September 7, 2010, there will be new changes to FHA mortgage loans. The current upfront premium is changing from 2.25% to 1%. Although this is good the annual premium is increasing from .55% annually to .85% (with a 5% or higher down payment) or .90% (with less than 5% down payment).

If you're looking for a home in Kansas City, you may want to start your home search ahead of September 7th. Why? Because FHA mortgage loan changes will most likely increase your monthly payment.

What this means to a $150,000 Kansas City home buyer is that their monthly payment will be approximately $32 more a month.

Let us know what you think or add to our blog by writing a comment.

Blog post written by the Dowell Taggart Team of RE/MAX Best Associates

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