FHA, VA and conventional mortgages are going to be changing a little bit over the next couple of months.
As a result, there’s a good chance we’re going to see more FHA & VA mortgages this spring and summer.
- FHA lowered the PMI rate from .85 to .55. On a $200,000 loan, a borrower will save approximately $50 per month.
- VA will be lowering their up front funding fee in April.
- In May, conventional buyers will be subject to new Loan Level Price Adjustment. LLPA.
Depending on the buyers credit score, down payment, debt ratio, loan amount, etc. a lot of buyers who would have traditionally gone with a conventional mortgage might be better off with a FHA or VA mortgage.
For all the details, please watch this video.
If you have any questions, please feel free to contact me anytime.
I am always here to help.
Thanks!
Craig