The FHA loan is an extremely popular loan program especially for first time homebuyers and the changes set to take effect June 3, 2013 will impact a significant number of those loans. FHA presently requires that their Mortgage Insurance Premium remain in effect and be collected monthly as part of the normal mortgage payment, until the loan to value reaches a 78% loan to value ratio and at least five years have elapsed on the loan. The changes set to be implemented will require that the mortgage insurance premium remain on the loan for life.
If you are considering a home purchase, the first step is to make sure your financial situation is in order and that starts by seeking advice from an experienced mortgage professional. With today’s sometimes strict and confusing underwriting guidelines, it is imperative that you find out what you qualify for and if there are any issues that need to be dealt with before you begin your home search.
Jerry Ballentine is a Mortgage Loan Originator at Bay to Bay Lending in Tampa, Florida who has over 20 years of lending experience. He has been successful in helping thousands of his clients with their financing needs. He believes that accessibility and communication are the most important areas to be concerned with and he can be reached day, night or on weekends to answer any questions you may have. His contact information is 813-549-7867 (office), 727-919-6820 (mobile), or via email at email@example.com. For more information, visit Bay to Bay Lending on the web at www.baytobaylending.com.
Whether you are seeking to purchase a new home or refinancing your current Tampa Mortgage (http://www.baytobaylending.com/