The Federal Housing Administration (FHA) is facing the same fiscal crunch most government agencies are facing. As a result, they are going to make a few changes to their programs. If you plan on getting a FHA loan in 2013, you need to be aware of them.
Change In Annual Mortgage Insurance Premium Rates
The charge will be 1.35% of the loan balance. Currently the rate is 1.25%.
Change In Annual Mortgage Insurance Premium Payments
The FHA also is abandoning its practice of letting borrowers cancel their mortgage insurance when their loan blanche drops to 78% of the property value.