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fha monthly mortgage insurance: FHA reminder regarding the monthly mortgage insurance changes - 03/26/11 10:51 AM
FHA announced over a month ago that the monthly mortgage insurance is changing on some FHA loans and it goes into effect on April 18th, 2011. I wanted to put this important reminder out there because what you can purchase and or what you can afford could change a little.
I talked about such changes regarding the mortgage insurance changes in this article over a month ago. - FHA to increase the FHA monthly mortgage insurance - Why would this news be so important?
Many think about refinancing to reduce their monthly mortgage payment, but haven’t pulled the trigger. This new change could make the difference of … (4 comments)
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fha monthly mortgage insurance: USDA Loans in New Jersey - New Changes - Part 1 of 2 - 03/10/11 11:01 AM
There will be a major change regarding USDA loans in New Jersey and for all other states come the fall of 2011. USDA loans will now have annual mortgage insurance, which is also known as monthly mortgage insurance, which begins October 1st, 2011. This move was approved through Congress last year.
What will be collected and how much? The charge will be .30 basis points. Example:
As it stands, there is no monthly mortgage insurance right now. The monthly fee will be based on the guaranteed loan amount. You can use simple math and say for every $50,000, the … (24 comments)
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fha monthly mortgage insurance: My mortgage rep told me that I must pay FHA mortgage insurance for 5 years - 01/29/11 04:38 PM
When it comes to mortgages, there are so many frequently asked questions. One mortgage topic that gets many misleading answers is mortgage insurance, specifically FHA mortgage insurance.
Why do I need FHA monthly mortgage insurance if I put 20 percent down?
Aren't FHA loans more expensive? (many refer to this because of the upfront mortgage insurance)
FHA monthly mortgage insurance will be there regardless if you put 20 percent down. If you put less than 20 percent down, you will have the FHA monthly mortgage insurance until you reach the 78 percent LTV level. (LTV = Loan-to-Value) … (5 comments)
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fha monthly mortgage insurance: It's official - FHA has formally announced the mortgage insurance changes for FHA loans - 09/02/10 03:04 PM
FHA first shared these changes on August 4th, after it had been approved by Congress and then the President signed off on it on August 11th. FHA has finally come out with the mortgagee letter, ML 2010-28, which puts it officially in writing now.
This mortgagee letter is effective on FHA loans in which the case number is assigned on or after October 4th, 2010. This policy will increase the monthly mortgage insurance and decrease the mortgage insurance premiums for purchase money and refinance transactions, to include FHA streamline refinances.
So what are the major FHA changes … (13 comments)
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fha monthly mortgage insurance: Rumors must stop - FHA loans in New Jersey will be increasing their mortgage insurance plans by October 4th, 2010 - 08/27/10 06:16 PM
The President officially signed Bill H.R. 5981 on August 11th, 2010 which became public law. I wrote about the actual changes to FHA loans and how it will affect borrowers as of October 4th, 2010. Please read : Bill H.R. 5981 passes - FHA Mortgages to increase it's annual mortgage insurance premium
There has been a main problem in regards to the information being supplied since this bill was passed by the Senate, which was on August 4th, 2010. I have read several blogs out on the internet both by AR members and the news media stating that the … (12 comments)
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fha monthly mortgage insurance: Bill H.R. 5981 passes - FHA Mortgages to increase it's annual mortgage insurance premium - 08/06/10 10:43 AM
FHA first proposed the monthly mortgage insurance changes in the beginning of 2010. Bill H.R. 5981 was first passed by the House in the spring and was just passed by the Senate the other day. What does this bill do for FHA mortgages? They have projected that it will yield approximately $300 million per month to the FHA insurance fund.
So what are the new FHA changes? - For terms greater than 15 years -
LTV's <= 95% will increase the monthly fee to 85 bps
LTV's > 95% will increase the monthly fee to 90 bps
And … (65 comments)
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fha monthly mortgage insurance: Large downpayments when buying a home - Does it really help? - Cash is king - 06/14/10 09:18 PM
Buying a home can sometimes be stressful when you have so many different people giving you advice. It shouldn't matter if you use FHA loans, VA loans, USDA loans, or conventional loans for your financing. Keep in mind, you hold the power in your own hands, with the help of professionals. Just be wise in your decisions.
Just recently, there has been news of FHA Loans raising the monthly mortgage insurance (MMI), known in the conventional world as PMI, private mortgage insurance. The concept is the same, but the monthly percentages vary for each type of mortgage depending on the … (10 comments)
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fha monthly mortgage insurance: FHA Home Loans - FHA Monthly Mortgage Insurance to increase - OUCH - 06/12/10 12:48 PM
The cost of FHA loans could increase before the end of the year is over with. Right now, depending on your LTV (loan to value), the FHA monthly mortgage insurance is either .50% or .55% of the base loan amount. We could see increases any where from .90% to 1.55%. That is a significant increase. Michael LaFido gives more details in this post : FHA mortgage insurance premiums approved to triple in cost
FHA Monthly Mortgage Insurance Premiums (with less than 5% down)
Current premium - .55% monthly
… (31 comments)
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fha monthly mortgage insurance: FHA loans - Rumors need to be squashed !!! - 04/25/09 11:11 AM
As many of us search more and more online, through the internet, there becomes a greater chance for misinformation also. Now, this is just my opinion, but it's based on seeing at least 2 blogs a week now that has wrong information within the topic of discussion. I am seeing this even more so when it comes to FHA loans.
What disturbs me most is that if we don't question the author of that blog, those reading it will believe it and spread that information as the bible per se. I even went as far as to send an author of … (14 comments)
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Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
Cherry Hill,
NJ
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Address: Cherry Hill New Jersey 08034 08002 08003, Haddon Heights New Jersey 08035, Haddonfield, NJ, 08033
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