Thinking about buying a home? Time to get off the fence. The Department of Housing and Urban Development is strapped for cash these days due to the high record of foreclosures and the result is an increase in Mortgage Insurance MI). On April 18, 2011 the almighty MI increased yet again to 1.15, from .9. If you think you've seen the end of this increase, then you must think we've seen the end of foreclosures. Remember mortgage insurance is how HUD finances the FHA loan and in order to continue with this program they will continue to adjust MI as needed.
So get off the fence. If you think you want to purchase a home, now is the time, before MI rises yet again.
