Currently everyone who gets an FHA loan pays the same one-size-fits-all mortgage insurance rate (both up front at 1.5% and monthly after that). But soon people with lower credit scores will find themselves paying more in insurance than people with higher scores. That is good news to people who consistently keep up with their bills but it means people who haven’t done so will have face higher payments on their FHA mortgages. Here is an interesting story about that from the Chicago Daily Herald.
Posted by G.R.A. Admin on Friday, May 16th, 2008
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