FinancingApril 3rd is the last day to get the cheaper financing rates for FHA loans. As of April 4th, MIP, or mortgage insurance, rises from 1.75% to 2.25%, for any application submitted for loan approval. Buyers have 75 days after application to go to settlement to have the lower rate apply. For the math challenged, that translates to $1,500 on a $300,000 note - almost reason enough to stop negotiating and make that offer.
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