The upfront mortgage fees which increases the amount of money a buyer may have to bring to the closing table will drop from 2.25% to 1% so that's good...
MI is going to increase from .55% to between .85 and .90% depending on loan to value ratio. This will increase any FHA buyer's monthly payment...for example on a $175K home the payment would increase by $31 each month.
Interest rates are phenomenal at this moment so give it some thought to be under contract on a home before 9/7/2010....
For more information or a free San Antonio home search go to www.HollyGHomes.com
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