FHA Loans To Cost More For Home Buyers

Be prepared first time home buyers… The cost of an FHA loan will probably go up in 2013 in order to make up for a $16.3 billion deficit currently being run by FHA.

Premiums will go up 10 basis points meaning about $13 per month more that buyers will have to pay on their loan. Over 30 years that’s almost $5,000 out of pocket.

Articles are here and here.

Even more troubling is the Reuters’ article stating that 9 of every 10 mortgages is held or insured by Fannie, Freddie, or HUD (FHA). As we’ve seen, if they start losing money tax payers will have to foot the bill.

For more information on buying or selling in Reno and Sparks contact Broker Kristopher Kent at (775) 870-4280 or Kris@Reno-Realty.com
 
 

Kristopher Kent, Realtor®
Managing Broker
Phone: 775-870-4280
Fax: 775-870-4281
Kris@Reno-Realty.com