mortgage

Timeline for the homebuyer tax credit

April 2:

Getting an FHA-insured mortgage? Get your mortgage application approved by the close of business on this date, because prices go up after that. The upfront mortgage insurance premium for Federal Housing Administration-insured loans will rise from 1.75 percent to 2.25 percent. That's a premium increase of $500 for each $100,000 borrowed. The FHA will institute other, more strict rules, too, such as reducing the seller's allowable contribution.

The new FHA rules go into effect for loans with new case numbers issued on or after Monday, April 5. In practice, this means you need a case number by Friday, April 2.

Mortgage timelineApril 27April 15March 31Now - mid-MarchApril 30April 2Mid-MarchNow

 

 

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