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.
When working with a homebuyer, I don’t start off by asking, “How much are you approved for buying?” The better question is, “How much of a payment is comfortable for you?” Typically, a homebuyer is pre-approved for an amount that is more than what they are willing to pay monthly. (more…)