FHA has passed new guidelines that will make it more expensive to buy a home due to increased fees on your FHA mortgage. Higher monthly fees, larger down payments and better credit scores are among the new initiatives. The new rules will start taking effect as early as the end of August and will impact buyers with higher fees and increased monthly mortgage insurance amounts. The new rules will also cut the amount of seller paid closing cost from 6% to 3%. This means it will cost you more money at closing, out of pocket, to buy a house. Even if you need to sell a home first, getting it sold soon and being able to capture some of this Perfect Storm will save you money in the future.
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