Why would April 18th be your Mortgage Deadline?
That is the day Premium Mortgage Insurance rate climb on FHA loans. The vast majority of buyers buying a home to live in will buy using FHA Loans. Even if you do not need an FHA Loan and FHA Loan may be the best option for you for 2 reasons:
- Even if you can afford a 20% Down Payment you may be better off buying the home with 3.5% Down and obtain a 2nd property as a rental with 10% down. For many people you will have a better overall cash flow going this direction. See my Post on the 10% Solution.
- An FHA Loan is assumable. So as inflation takes hold and mortgage rates climb you will have a valuable asset in a fixed 15 or 30 year FHA Loan. When you go to sell the home they buyer may be able to assume this low interest loan as part of their purchase/finance options. Of course this makes your home a better buy.
So now that we understand why the FHA Loan is such a good deal, we need to understand it is a better deal now before PMI Rates climb on April 18. As I understand it you need to be in contract by April 18th to lock in the lower PMI Rates. PMI Rates climb by .25% of the loan value. That does not sound like much but on a $200,000.00 loan that is about $500.00 per year.
Now is the Time to Buy - e-mail me now for more information or call me. If you do not have a lender I can point you in the right direction while helping you find a home that meets your needs.
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