I mentioned earlier this week that the senate had approved the increase in FHA mortgage premiums and were waiting on President Obama’s final approval.  The increase in FHA monthly mortgage insurance premiums was approved and will be effective on FHA case numbers assigned on or after September 7th. Keep in mind, the FHA case numbers are assigned after a property is placed under contract and loan application executed. FHA buyers looking to avoid the higher monthly MI costs should have property under contract and loan application executed no later than September 1st. 

So, if you’ve been dragging your feet with your home search or have been hesitant to put in an offer, don’t wait too long.  You don’t want to be stuck paying higher monthly mortgage payments.