Interesting changes with FHA Mortgage Insurance will take place on Monday. Based on FHA Case Number assignments on or after October 4, 2010, FHA will lower its upfront MIP and simultaneously increase the annual premium collected on a monthly basis. The changes look like this:
Current Upfront MIP "New" Upfront MIP
Purchase – 2.25% Purchase – 1.00%
Refi – 2.25% Refi – 1.00%
Current Monthly MIP Charges
= or <95% ltv and amort greater than 15 years - .50%
>95% ltv and amort greather than 15 years - .55%
= or <90% ltv and = or < amort – 0%
>90% ltv and = or <15 amort - .25%
"New" Monthly MIP Charges
= or <95% ltv and amort greater than 15 years - .85%
>95% ltv and amort greater than 15 years - .90%
= or <90% ltv and = or < 15 years amort – 0%
>90% ltv and = or <15 years amort - .25%
The good news is the loan amounts will be lower. The bad news is monthly payments will be higher. Let me know if you have any questions.
Bob Knoll
Senior Loan Officer
NMLS #225478
Hancock Mortgage Partners
669 Airport Freeway, #306
Hurst, TX 76053
817-484-6564 – office
817-622-8833 - fax
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Leeza Morris, REALTOR®, MBA, GREEN, e-PRO®, SFR
Keller Williams Realty
fax: 940 497-0091
skype: leezam22
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