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

 

 

advertisement

 

Show Bankrate's community sharing policy
          Connect with us
advertisement
MORTGAGE & REAL ESTATE NEWSLETTER

Timely market news and advice for consumers ready to buy, sell or invest in real estate. Delivered weekly.

Blog

Holden Lewis

Why not have loan inspectors?

I have an idea: Let's set up a network of mortgage inspectors.  ... Read more

advertisement
Partner Center
advertisement

Connect with us