I'm so fucking sick of the random changes to FHA mortgages and the retroactive application of who benefits!
I originally closed on my home loan December 28th, 2008. A few months later, Obama announces that anyone who closed on a loan January 1st, 2009 or later doesn't have to pay back their first time homebuyers credit-- anyone who closed prior must pay it back. Ok, so I received a $7500.00 loan, and had I closed 3 days later it would have been a $7500.00 gift. Great. If this had been planned, and not backdated, I would have pushed out the closing of my loan by 4 days.
So now, here I am 3 years later, still a little pissed, and he fucks me again. To lower my monthly payments, I caved and did a streamline refinance on my loan 2.5 months ago. The upfront MIP and monthly MIP rates had skyrocketed. I once again had to pay an upfront premium of 1% of my loan, and I pay 1.15% of my loan amount YEARLY as well. Today Obama announced that anyone who took out an FHA loan June 2009 or earlier (this would have been me had I not JUST refinanced), who refinances starting April 1st, will have a reduced up front premium of .01% down from 1%-- that's a 99% reduction!! AND, their monthly premiums will be cut to .55% yearly for the LIFE OF THEIR LOAN. So once again, my timing is completely fucked, and I lose thousands of dollars. If I would have waited a couple of months, I'd have saved thousands on my upfront premium, and many thousands over the life of my loan.
I understand how my timing is just really shitty on the up front MIP discount-- they can't go back and refund everyon else who has already paid, so they implement the policy going forward, but to lower the yearly MIP of some, and not apply it to everyone is just arbitrary discrimination. There's no difference between me and the people who are benefiting, and it's just as easy to reduce the monthly premiums going forward for someone who took out their loan July of 2009 as someone who took out their loan June of 2009. The policy change should be based on income level or price of home, not on timing that results in benefiting some and not others arbitrarily!
notvotingforobamathistimearound.jpg!
