FHA-Insured Mortgage Loans Will Become More Expensive Beginning June 3, 2013:
One of the attractive features of FHA mortgages is the low down payment option. In fact, many FHA loan programs require as little as 3.5% down. Today, mortgage insurance on FHA loans remains in place for a finite period of time. However, on or after June 3rd, most new FHA loans will require MI premium to remain for the life of the loan. Beating the June 3rd clock could save you thousands of dollars over the life of the loan.