In an effort to increase capital reserves and maintain the stability of the FHA; The FHA will increase its annual MI premiums by .25% effective 4/18/2011 on all 15 and 30 year loans. The upfront MIP will remain at 1.0 percent. The increase could be an additional $30 per month in buyers expenses.
The low downpayment of 3.5% by FHA is still attractive to most buyers.
So if you are looking to buy a home in Brooklyn now is a good time to get off the fence.
Fillmore Real Estate
Licensed Real Estate Associate Broker