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home loans: FHA Home Buyers Have Extra Incentive to Buy Now - 02/16/11 08:34 AM
Qualified buyers should act fast to purchase their favorite home. The FHA is making an upward adjustment to the Mortgage Insurance Premium percentage monthly fee. Currently MI is at .90%. However on April 18th, 2011, MI is rising to 1.15%.  This means that for a loan amount of $200,000, where the monthly MI charge is $150 per month, the new monthly charge will be $191.67 per month, or $41.67 more. 
This increase also acts to decrease the purchasers buying power as they will qualify for less loan because of the additional monthly expense load.  In order to cover the $41.67 per month, the buyer's loan … (0 comments)