Do you have an FHA Loan? An FHA Loan is a mortgage loan you might currently have on your home. If you do, you should refinance your FHA loan before June 3rd as some changes are on the way that could cost you more money. The main selling point of FHA (Federal Housing Administration) is the down payment is only 3.5% vs 10%-20% on a home. This allows more people live the “American Dream and own a home. The main kicker of FHA is that you must all carry MI also known as Mortgage Insurance. This is a an extra fee you have to pay on top of your mortgage payment since the Federal Government is “insuring your loan.” This fee helps soften the blow if you ever default on your payments and stop making them. This is a great loan to have but FHA’s Mutual Mortgage Insurance Fund is announcing a$16.3 billion deficit for the fiscal year of 2013. This doesn’t mean that FHA is going away but it does mean that some new guidelines are taking a affect starting June 3rd that can have impact on you…the homeowner.