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FHA Mortgage Insurance Changes Coming in July
A new change is coming for FHA in July....Read on......
This new change from FHA comes from a study that they did that showed them that of the home loans generated in 2007, borrowers who earned less income(family median of 48,756.00), had a score of 680 or higher. While borrowers who had a higher income(famiy median of 53,338.00), had scores of 500-559.
The next change will be based on those results. FHA mortgage insurance will now adopt the risk based pricing model.
Currently, FHA charges an upfront mortgage premium of 1.5% and .50% on all loans regardless of fico score.
Below are examples of how the new pricing will impact the 30 year fixed mortgage:
                                                                                                                                                    
Borrower 1:
Fico of 559 and a LTV of 97% will have to pay  2.25% on the upfront mortgage premium and .55% on the monthy premium.
Borrower 2:
Fico of 590 and LTV of 97% will have to pay 2.00% on the upfront mortgage premium and .55% on the monthly premium
Borrower 3:
Fico of 660 and a LTV of 97% will have to pay 1.50% on the upfront mortgage premium and .55% on the monthly premium.
Borrower 1a:
Fico of 559 and a LTV of 90% will have to pay 1.75% on ... more

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