April 18th is fast approaching! The date of the Mortgage Insurance Increase!
.25 of the loan amount may not seem to be alot, but for the home buyer that is pinching every penny to even reach their dream of home ownership; to increase the MIP seems to be a way of losing that dream!
According to my mortgage representative, in the effort to keep from a flood of FHA applications trying to beat the April 18th deadline, a home buyer must have already had a survey done on the property in order not to be faced with that increase! As the date gets closer, there maybe even other restrictions applied!
So those who are waiting for that infamous low-priced deal to appear; IF you are qualified for a loan, and are working with a Realtor to find your Dream Home - This Is Your Notice To Get Motivated! Not to act irresponsibly by contracting for a home you do not desire, but to take the necessary steps to get that home without paying the higher Mortgage Insurace Premium (MIP) !
Let's Get Moving!!