Taking effect June 3rd, only borrowers who make 10% down payments will have the right to cancel mortgage insurance premiums.....after 11 years.
These changes are huge. And, very expensive when factored in the life of the loan.
FHA has been the loan of choice for a lot of borrowers over the last 5 years or so. I've done a lot of them and still have several that are stuck in the FHA finance hole.
When you are first considering a home purchase, talk with a credible lender about what choices you have right now. And, what you can do in the near future to make those choices hopefully less costly for you.
Sometimes it just takes a little tweak, a little more penny pinching,
a little credit cleaning up,
to give yourself a better home loan package.
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