FHA VA Blog

F.H.A Announces important change

F.H.A announced yesterday that they are again increasing their mortgage insurance premium's to help maintain their capital reserves.

Mortgage Insurance Premiums Loans > 15 years UFMIP = 100 bps Annual Premium LTV Through 4/03/2011* = 95.00 percent - 85 Bps > 95.00 percent - 90 bps On/After 4/04/2011** = 95.00 percent - 110 Bps > 95.00 percent - 115 bps Loans = 15 years UFMIP = 100 bps LTV Through 4/03/2011* > 90.00 percent - 25 bps = 90.00 percent - None On/After 4/04/2011** = 90.00 percent - 25 Bps > 90.00 percent - 50 bps

Effectively this will raise someone's payment about $30-35 per month over what it would be today! May or may not be important depending on the client. But in today's economy $30 can be important to qualifying for that home. Get under contract and work with your lender to be protected. If you need assistance let us know.

F.H.A Announces important change     F.H.A announced yesterday that they are again increasing their mortgage insurance premium's to help maintain their capital reserves.     Mortgage Insurance Premiums   Loans > 15 years UFMIP = 100 bps Annual Premium   LTV Through 4/03/2011*   = 95.00 percent - 85 Bps   > 95.00 percent - 90 bps  On/After 4/04/2011** = 95.00 percent - 110 Bps   > 95.00 percent - 115 bps  Loans = 15 years UFMIP = 100 bps LTV Through 4/03/2011*   > 90.00 percent - 25 bps = 90.00 percent - None On/After 4/04/2011** = 90.00 percent - 25 Bps   > 90.00 percent - 50 bps   Effectively this will raise someone's payment about $30-35 per month over what it would be today! May or may not be important depending on the client. But in today's economy $30 can be important to qualifying for that home. Get your clients under contract and working with their lender to be protected.    For the direct link to HUD's mortgagee letter on this go here