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up front: Reminder: FHA monthly Mortgage Insurance is Increasing Oct 4th. - 09/21/10 09:51 AM
Any loan that is started on or after Oct 4th, will have the new mortgage insurance changes.  These changes are:
Monthly Mortgage Insurance will go up from .55% to 85-90%.  Any LTV 95%+ will have .90% monthly mortgage insurance The Up Front Mortgage Insurance will go down from 2.25% to 1% In order to not have these changes affect someone's loan, the FHA case number must be ordered before Oct 4th.  Depending on the speed of your mortgage lender this could take a couple days to do.  While the up front mortgage insurance going down is good news.  The monthly mortgage … (0 comments)

up front: 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)

 
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David Krichmar- DaveYourMortgageguy.com

Sugar Land, TX

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

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