Stay on top of Lending Changes. FHA changing the requirements:
 
Effective for all FHA Loans with Case #’s issued AFTER April 1st, 2013.
Affects all traditional 3.5% down FHA purchases.
Old Guideline:  Monthly PMI - 125 BPS – Cancelled at 78% LTV & 5 years
New Guideline:  Monthly PMI – 135 BPS –PMI to remain for life of loan !
Yes. It’s true. April 1. That’s the date set by FHA to raise mortgage insurance premiums again. If you are working with FHA borrowers who are thinking about purchasing a home, moving now would make sense with rates rising and FHA set to raise premiums.  This increase will cost the average FHA borrower more than $150 per year and those who purchase homes and make application before this date will be eligible for the lower mortgage insurance costs.  
FHA is also increasing down payment requirements for certain loans in the next few months. It would also be wise to see if your clients qualify for a low down payment alternative for FHA financing. If you would like more information, please contact me.
FHA faces a $16.3 billion deficit due to a rise in delinquencies over the last few years, particularly among loans that originated during the housing bubble from 2007 through 2009. FHA is a big contributor to first-time home buyer funding. It insures about 1.2 million residential loans, which is about 15 percent of all U.S. home loans.
The number of loans it insures has increased dramatically over the last few years. In 2006, FHA insured just 5 percent of the all U.S. home loans. FHA is federally mandated to maintain a 2 percent capital ratio—a target it has yet to reach in four years. Its current ratio is negative 1.44 percent, according to a recent audit of its finances.