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There is a big advantage to "going FHA" these days -- especially if you're making a low downpayment purchase. FHA mortgage rates are lower than they've ever been as compared to conventional ones, and FHA mortgage insurance rates have yet to rise.
For the second time in 4 months, the FHA is changing the way it charges mortgage insurance.
With foreclosures proliferating, PMI defaults are up 26 percent over last year and double the levels from 2007. Private mortgage insurers are paying out on many more claims than was expected and, as a result, are booking huge losses. Homeowners are about to pay the price. To shore up balance sheets and protect against future losses, mortgage insurers have raised insurance rates and toughened underwriting guidelines.
