FHA Mortgage Fees Increase on Friday

Once again the cost of borrowing money using an FHA loan is increasing! The increase in the Mortgage Insurance Premium (MIP) will add about $40 to the monthly payment for a typical home sold in the Lehigh Valley. The amount of the increase will vary slightly depending on the percentage of the sale price a buyer puts down. The minimum requirement for an FHA mortgage is 3.5%. The fee increase takes effect Friday, so if you’ve found the home you love call me and we’ll get an FHA case number assigned in time to beat the deadline!