Tracey Day’s first post – FHA LOANS

Waiting to purchase a home in Georgetown, Texas using an FHA loan? There is something you should know…FHA is making changes to it’s lending on 1 – 4 unit single family mortgages.

Coming July 14th, FHA will make the following changes:

1. Risk based pricing on rates…higher rates for those that are credit challenged
2. Risk based pricing on FHA’s one-time funding fee…use to be 1.5%; it will now range from 1.25-2.25%
3. Monthly mortgage insurance…use to be 0.5%; now it will be 0.55

These changes will be based on credit scores and amount of money you will be putting down (LTV).
If your credit scores are not in good shape…better work on it otherwise it is going to cost you :(

~ Tracey Day

Editors Note: Looking for a great Georgetown Texas lender? Tracey is local in Georgetown and works hard for your referrals. He’s handled my own personal loans and has some competitive rates! Best of all, he’ll work with you to clean up the credit report so that you have the best borrowing power when it comes down to getting a loan. You’ll be seeing more of him on this blog, so please comment and ask any questions you have on the financing side of things.

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