Upfront MIP changing from 1.75% to 2.25%

I just wanted to let everyone know that the FHA change in upfront Mortgage Insurance Premium is quickly approaching!!  April 5th is the date that FHA raises the upfront premium from 1.75% to 2.25% of the loan amount.  1/2 a percent increase is pretty significant and should motivate buyers to focus in - Simple math on a $200k loan the borrower will be looking at an extra $1,000.00 in Mortgage Insurance Premium!!  The key to avoiding this hike is to get your FHA buyer under contact prior to 4/5/10 so that an FHA case number can be pulled and the 1.75% upfront MIP fee can be used.  Any case numbers pulled post April 5th will reflect the 2.25% upfront MIP fee.

6% Seller Contributions dropping to 3%

I just wanted to touch base on the pending FHA change in Seller contributions.  While dropping the seller contribution % from 6% to 3% is a pending policy change, a formal FYI has not yet been issued yet. So at the time, FHA max seller contribution is still reflected to be 6%.

There is no set in stone time table on the change, and I am sure once it is released it will not be immediate.  I would feel comfortable writing in 6% seller contributions into any residential offer - if that is what the buyers want.


All for now.  Feel free to contact me with any questions and/or concerns!

Thanks!

 

 

100% Financing in Spokane County is Available!
03/02/2010
share
Contrary to popular belief, 100% financing is available in the Spokane market. USDA Rural Development Guaranteed Loans are available to help those buyers that want to buy but don't have funds for a down payment, or want to save the money for… more
Spokane Home Buyers and People Looking to Refinance
02/11/2010
share
Let me preface this by stating that I am by no means a "The end is coming! Act now! There is no better time to buy or refinance! " type of a guy. That said, "The end is coming! Act now! There is no better time to buy or refinance! " :) In all… more
Inland Northwest YMCA - Partners for Youth Campaign
02/11/2010
share
I wanted to drop a quick blog to get let you know about a campaing that I hold dear to my heart. The YMCA's Partners for Youth Campaign is underway and I'm raising money for it! This campaign is something I am VERY passionate about as it… more
Mortgage Activity is up!! Rates forecasted to rise.
02/03/2010
share
For the past couple weeks or so mortgage rates have held relatively steady. Most pricing about 5. 0% with rates dropping as low as 4. 75% here or there (30yr fixed mortgage). This morning (2/3/10), the Mortgage Bankers Association released their… more
The Tiny Car Shop - Import Specialists!
02/02/2010
share
I wanted to take a moment to send out some much deserved respect to the Tiny Car Shop in Spokane. Located near the corner of Nevada and Francis, this little shop is easily over looked from the outside, but don't be fooled!! Every dealing I have… more
Spokane Child Care - YMCA
01/29/2010
share
930 N. Monroe Spokane, WA 99201 Phone: 509-777-YMCA(9622) I felt compelled to write a quick note on the YMCA, specifically the early child care services they offer. My wife and I researched many different child care and learning… more
Spokane Refinance -- Bank of Whitman
01/09/2009
share
As I am sure everyone has heard, rates are near all-time lows. My phone has been ringing off the hook with new and old clients trying to take advantage of the sub 5% interest rates that are available right now.!! NEWSFLASH!!! I am not the only… more
Not so good news for Spokane
11/24/2008
share
But not so bad for Spokane Valley. CQ Press City released their annual Crime Rankings today and Spokane out-ranked Seattle and Portland, while Spokane Valley, Bellingham and Bellevue came in toward the bottom of the list. In Idaho, Boise and Nampa… more
Where to watch the game? Check out FanSpan. com!
10/16/2008
share
After graduating from the University of Oregon, a good friend of mine moved to Seattle to begin his career. An avid UO Duck football fan, he found it frustrating to find a local bar to watch his Alama Mater play on Saturday. He knew he couldn't be… more
 

Spokane Home Loan -- Casey Brischle -- Mortgage Professional

Spokane, WA

More about me…

Columbia Bank

Office Phone: (509) 464-3023

Email Me

Beautiful Spokane Falls - right through the middle of downtown!
Current Mortgage Rates Zillow Mortgage Marketplace Get this widget See local rates
Mortgage Rates Blog


Links

Archives

RSS 2.0 Feed for this blog

Find WA real estate agents and Spokane real estate on ActiveRain.