Gainesville FHA Home Buyers – FHA Fee Hike

Gainesville FHA Home Buyers – FHA Fee Hike Gainesville short sale agents learned that the Federal Housing Association (FHA) will raise their fees this year, worrying future homeowners. Monthly Insurance Premiums (MIP) for loan amounting to less than $625,000 will increase by 0.10%, making the premium reach 1.25% from the previous of only 1.15%. And this June, larger loans will increase by 0.35% thus, making the total premium to 1.5%.

Just last year, FHA increased their upfront mortgage premium by .75 of one percentage point, making a total fee of 1.75%. This means of $300,000 loan, the borrower’s monthly mortgage premium becomes $5,250 as compared to the previous premium of $3,000. On top of that, a borrower has to place a down payment of 3.5% of the total loan amount.

The FHA targets to add $1.25 billion in revenue by September 2013. This increase aims to replenish the agency’s reserves. Now we remember that their reserves have already been reinforced by the government’s settlement from suing banks. FHA’s financial woes have already been lifted up, what’s the fee hike for?

Gainesville short sale agents are puzzled on where the money goes and if the government intends to prevent future home ownerships. How ironic that the government collects all the settlement money and yet the home owners are still suffering losses and mortgages are rising. Just when we thought that the government sued the banks to recover losses and help in housing recovery, it is more likely that they are adding more housing misery.

Will an increase in Gainesville Florida FHA fees help rescue our housing stress in the long run? We can only wait for answers.
Gainesville FHA Home Buyers – FHA Fee Hike

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Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents


Stephanie Anson

When choosing a Gainesville, FL short sale agent, Stephanie Anson understands how avoiding foreclosure impacts you and your family’s life as well as those around you. Stephanie Anson is a respected member of the local business community and knows what it takes to prevail. She is one of the most dedicated and committed Gainesville, FL short sale agents. Her experience and emphasis on customer service and satisfaction along with her technological background has been a driving force throughout her real estate career. From the time Stephanie served in the US Navy to now, she takes the time to get to know each of her clients, associates, and industry professionals and forms lifelong relationships with them.

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