FHA Rate Increase

By: Channel 6 News Email
By: Channel 6 News Email

Fees are going up for mortgage loans backed by the Federal Housing Administration.

The agency will increase its annual mortgage insurance premium by a 10th of a percentage point for loans under $625,000. That change goes into effect April 1st.

Starting June 1st, premiums for larger loans will go up even more to just over a third of a percentage point.

The FHA will also increase upfront mortgage premiums.

The fees can be rolled into the mortgage, which means higher monthly payments.

The FHA offers borrowers smaller down payments and has less stringent credit requirements than a traditional mortgage.


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