FHA Lending Rules Change Effective October 4, 2010 for Roanoke VA Home Buyers

FHA Loan's are changing effective October 4, 2010 for Roanoke VA Home Buyers. The PMI (Private Mortgage Insurance) rates for FHA Loans are going up almost 100%. On a $150,000 house the difference in payment will be $32.61 per month. This might not sound like much, but if you are tight on debt to income differences it means that you can buy $6,435.95 less in house. So, instead of you being able to afford the $150,000 house you can now only afford a $143,564.05 house.

As long as you have your house under contract and your lender has the FHA Case Number by the 4th of October, it does not matter when you close, it could be November, as long as you have the FHA Case Number by October 4th.

Please keep in mind that if you sell your house through me and buy a house through me, I will pay a Roanoke Moving Company to move you! There are a couple of minor requirements so call with any questions!