FHA loan Changes on April 18

If you are thinking about getting a FHA loan there is an important change that will affect all FHA case numbers issued starting at 12:01 am on Monday April 18^th.

Case numbers issued prior to the 18^th (the preceding Friday April 15^th for most lenders) will have a lower monthly payment than those issued starting Monday April 18^th.

Thinking of asking a lender to issue a case number prior to the deadline?  Without a property, we cannot issue a case number nor can we make up a dummy address.   FHA is cancelling all inactive case numbers on the 18^th anyway.

If you are a buyer and need a bit of a push to decide on a property, you may want think about this looming deadline and keep your monthly payment a bit lower by buying prior to the deadline.

Should you have any questions, please feel free to call or email Taylor Ortiz.

EXAMPLE:

Before April 15^th After April 15^th

Purchase Price – $150,000                                            Purchase Price – $150,000

Monthly PMI – $109 Monthly PMI – $139

Taylor Ortiz
Mortgage Loan Officer

www.spiritbank.com/tortiz

Office: 405-513-7805

Cell: 405-509-1064

Fax: 405-715-7089