First time home buyers seeking a FL FHA mortgage may want to buy now, as the cost for FHA loans will be increasing within a month!  HUD recently announced that it would be raising the required upfront mortgage insurance premium (UFMIP) for FHA home loans beginning April 1, 2012.   The UFMIP can either be paid at closing or, as many first time buyers prefer, financed into the loan amount. The current 1.00% charge would increase to 1.75%; raising the qualifying monthly payment.
This may not be the only change to FHA home loans as HUD is considering increasing the monthly mortgage insurance payments as well as possibly reducing the amount that sellers are allowed to contribute.  Keep in mind, this FHA cost increase can be avoided if your FHA Case Number assignment is prior to April 1st! So, get prequalified, find your dream home and lock in lower costs now.

Stephen Thaggard, NMLS 356309,  Sr Loan Officer, licensed in Florida,

Embrace Home Loans, NMLS 2184,  485 N Keller Road, Suite 550, Maitland, FL 32751