GEORGETOWN, TEXAS (PRWEB) February 26, 2013
Georgetown Mortgage Bank released information this week to help borrowers better understand the new Federal Housing Administration loan policy changes.
As part of the FHA’s efforts to strengthen its Mutual Mortgage Insurance Fund, the FHA has revised the period for assessing the annual mortgage insurance premium. The new policy removes the mortgage insurance exemption from loans with terms of 15 years or fewer or mortgages issued with loan to value ratios of less than or equal to 78 percent.
The new removal of the annual mortgage insurance exemption for certain loans with terms of 15 years or fewer and loans with loan to value ratios of 78 percent or less will be effective for loans with case numbers assigned on or after June 3.
The new policy will also increase the annual mortgage insurance premium on all mortgages with case numbers assigned on or after April 1.
“We recommend that if people are interested in an FHA loan that they do it as soon as possible,” said Kristi France, a residential Texas mortgage originator with Georgetown Mortgage Bank. “While an FHA loan may still be a good deal for many borrowers, these policy changes will increase the cost of FHA mortgages.”
At Georgetown Mortgage Bank, every borrower is assigned a personal loan originator to help walk him or her through the mortgage process. The personal loan originator can help borrowers pick the best loan for their unique situations. To learn more about the loan originators at Georgetown Mortgage Bank, click here.
About Georgetown Mortgage Bank
Georgetown Mortgage Bank is a full-service mortgage bank in Georgetown, Texas. The bank provides home mortgages, refinances, construction loans and reverse mortgages to people across the state of Texas. Georgetown Mortgage Bank aims to find the best mortgage solutions for its clients through the guidance of a personal loan consultant who works with the customer from beginning to end of the mortgage process. Although Georgetown Mortgage Bank offers big bank products and services, its consultants pride themselves on offering the friendly service of a local bank.