Remigio Ferrara

Private Mortgage Lender

Remigio Ferrara - NMLS ID #476380
Senior Loan Officer, McLean Mortgage Corporation

11325 Random Hills Road Suite 400 Fairfax, VA 22030
Website • Office: 571-419-6632 • Cell: 703-622-6999

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FHA Fees Going Up

February 11, 2013 by Remigio Ferrara

April 1. That is the date set by FHA to raise mortgage insurance premiums again. If you are thinking about purchasing a home, moving now would make sense with rates rising and FHA set to raise premiums.  This increase will cost the average FHA borrower more than $150 per year and those who purchase homes and make application before this date will be eligible for the lower mortgage insurance costs.
FHA is also increasing down payment requirements for certain loans in the next few months. It would also be wise to see if you qualify for low down payment alternative for FHA financing. If you would like more information, please contact us..
FHA faces a $16.3 billion deficit due to a rise in delinquencies over the last few years, particularly among loans that originated during the housing bubble from 2007 through 2009. FHA is a big contributor to first-time home buyer funding. It insures about 1.2 million residential loans, which is about 15 percen t of all U.S. home loans.
The number of loans it insures has increased dramatically over the last few years. In 2006, FHA insured just 5 percent of the all U.S. home loans. FHA is federally mandated to maintain a 2 percent capital ratio—a target it has yet to reach in four years. Its current ratio is negative 1.44 percent, according to a recent audit of its finances.
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Remigio Ferrara

Senior Loan Officer, McLean Mortgage Corporation

11325 Random Hills Road, Suite 400
Fairfax, VA 22030

Website: www.mcleanlending.com/lo_rferrara.php
Office: 571-419-6632
Cell: 703-622-6999
NMLS ID #476380

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DC Mortgage Loan Originator #: MLO476380
DE Mortgage Loan Originator #: MLO-476380
FL Mortgage Loan Originator #: LO30974
NC Mortgage Loan Originator #: I-158100
SC Mortgage Loan Originator #: MLO – 476380
VA Mortgage Loan Originator #: MLO-10666VA
WV Mortgage Loan Originator #: LO-38872
MD Mortgage Originator #: 26-21596
PA Mortgage Originator #: 46267
TN Mortgage Loan Originator #: 235241

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