Let's talk real estate

June 11th, 2010 5:06 PM

Interest rates are down this week. Maybe they will stay down.

A bill has passed thru the house that will allow the Federal Housing Administration to adjust monthly premiums on mortgage insurance. The bill is proposed to allow FHA to lower the upfront premium and raise the monthly premium. The up-front premium placed a burden on cash strapped borrowers at closing. Raising the monthly premium will bring the monies in just over a longer period.

En route to passage the House  defeated an ammendment that would have raised the FHA downpayment from 3.5% to 5%.

Posted by The Bobby Dean Team on June 11th, 2010 5:06 PMPost a Comment (0)
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