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mip: FHA Mortgage Insurance is Changing. A MUST READ - 08/07/10 11:32 AM
As of August 5, 2010 Congress passed bill H.R. 5981, this bill effectively changes the upfront mortgage insurance premium (MIP) and monthly mortgage insurance for FHA loans.  The good news is the upfront mortgage Insurance is being reduced to 1.00%.  This is down from a high of 2.25%.  This mortgage insurance was usually rolled into the mortgage, not affecting the clients all that much.  This is good news, thou.
 
Now the bad news.  The monthly mortgage insurance is going from .55% to .85%-.90%.  This change is for 30year mortgages only.  If the loan to value(LTV)  is over 95%(max 96.5%) the … (0 comments)

mip: Announced FHA Policy Changes!!! A MUST READ - 01/20/10 10:12 AM
This morning HUD has announced the changes to FHA loans.  Here is the abbreviated version highlighting what will affect you. 
The MIP also called upfront MI is now 2.25% up .5% from the current 1.75%.  This goes into affect in spring Seller contribution toward closing costs will be reduced to 3%.  This will go into affect in the early summer Buyers now need a min credit score of 580.  But, this doesn't really matter since almost all lenders require a 620 now.  This is the short version of the important changes.  Please call or email me with any questions.   
 

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David Krichmar- DaveYourMortgageguy.com

Sugar Land, TX

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www.DaveYourMortgageGuy.com, FHA, VA, USDA, HomePath, Jumbo

Address: Serving Harris, Fort Bend, Montgomery, Brazoria County, Houston, Katy, Sugar Land, Pearland, The Woodlands or anywhere in Texas!

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