New FHA loans to face fare increase

Publish date
08/05/2010
Source
USA Today
Main Category
Economy - US
Article Summary

A new proposal recently approved by the Senate and now awaiting the signature of President Barack Obama is to affect homeowners who purchased their homes with loans made by the Federal Housing Administration.  To affect only future loans, the legislation would allow the agency to raise the monthly fee to as high as 1.55%, but also lower the fee taken at the start of the loan from the current measure of 2.25% to 1.0%, thereby increasing the monthly payment on a $170,000 mortgage by $38.00.

Link
http://www.usatoday.com/money/economy/housing/2010-08-05-government-mortgage-fees_N.htm?csp=34money
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