Thursday, April 21, 2011

Getting A FHA Loan Anytime Soon?

Yup they did it again. The Federal Housing Administration raised there FHA Mortgage Insurance Premium for there annual rate by 25 basis points. If you already have an FHA loan and do not plan on refinancing then this will have no effect on you. But if you are looking at buying or refinancing with FHA you will fall under the new insurance rates unless you had your FHA Case Number issued before April 18th.

Here is the example of the increase will effect you:

Based on 30 yr. Term - Greater than 95% or great LTV:

Oct-10 Apr-11
Annual MIP % 90 bps 115 bps
Sales Price $163,000 $163,000
Min Down Payment $5,705.00 $5,705.00
Mortgage with Out UFMIP $157,295 $157,295
FHA Monthly MIP $118.00 $151.00
Change in Monthly Payment
Yearly change
After 5 Yrs.

Fall the Link to the Mortgagee Letter from FHA. Click Here!

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