Saturday April 2 is going to be an important date for Spokane Washington borrowers with FHA loans in process and real estate agents writing contracts for clients utilizing FHA financing. That is the last day to obtain an FHA Case Number before the FHA upfront mortgage insurance premium increases 28% from 1.75% of the loan amount to 2.25% of the loan amount.
The good news is that the change will not result in a huge increase in an FHA borrower’s monthly payment. The change equates to about $1000 in upfront insurance but when financed into the loan is only $6 per month on a $200,000 loan.
However, there certainly is no reason for an FHA borrower in Spokane Washington to suffer this increase just because your lender neglected to get their paperwork done on time.
FHA has sent a memo to their lenders warning us to get our Case ID requests in early that week in case there’s a delay in the assignment process.
What’s needed in order to secure the FHA Case ID Number? You must have made application to the lender and there must be a valid property address. In the case of a home being purchased this also means you’d need to have a fully executed contract with the seller of the home.
To get help with an FHA loan to refinance or purchase a home in Washington, just give me a call at 509-252-9151 or send an email to mmullin@theloanconsultant.com. The conversation is free!
*This is not an offer to lend. 
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