The Federal Housing Administration (FHA) announced on Monday that it would be increasing two of the fees associated with FHA backed mortgages. The upfront mortgage premium and the annual mortgage insurance premium will increase effective April 1st of this year. The increase in fees will not impact existing loans already insured by the FHA.
When we asked about the fee increase, Aret Kalayjian, Mortgage Loan Officer at First Niagara Bank, advised, “I recommend reaching out to your buyers who were thinking about FHA as their mortgage choice to act sooner rather than later to register and lock their loans in.”
If you are concerned about how the increase in fees will impact you, please contact us for more details.
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