Effective for all FHA case numbers on or after April 18, 2011 MIP Changes on all FHA Loans:
FHA continues to increase their mortgage insurance requirements. They are keeping their up front fee the same at 1% of the loan amount, which is rolled into the borrowers loan. Effective April 18th, the monthly Mortgage Insurance is going to increase from .90% to 1.15%
This will increase your buyers monthly payments. On just a $200,000 FHA loan, it will increase their monthly payments by more than $40.00 per month or $480.00 per year. If you have someone on the fence, this could be a good tool to help pull the trigger.
Jack Feise
Pilgrim Mortgage
Loan Officer
16635 Huebner Rd.
San Antonio, Texas 78248
Office: 210-499-4200
FAX: 210-499-0989
Cell: 210-380-7916
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment