It’s official: FHA was just given authority to change the amount charged to borrowers for both the Up Front and the Annual Mortgage Insurance premiums…and change them they did.
FHA has been sustaining first time homebuyer market and lower price point homes through the collapse of the real estate market. Now that the market is slowly on its way to recovery, FHA is not so subtly backing away from their low down payment options, making it harder for a lot of homebuyers to buy their first home. (more…)