New Home Buyer Tax?

Beginning September 7th, the cost of mortgage insurance on FHA loans will be increasing.  FHA loans only require 3.5% down payment which makes them a preferred loan for most first time home buyers.  To avoid the increased mortgage insurance and higher mortgage payment, you must have your FHA case number assigned prior to this change.

Here's a cheesy but informative video from the Florida Association of Mortgage Professionals (FAMB) which explains the increase and exactly how it affects the buyer.