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monthly mortgage insurance: FHA MIP Is Changing - 09/05/10 01:28 PM
For 30 year mortgages, the upfront is moving down from 2.25% to 1% and the monthly is moving from .55% to .9% for those putting less than 5% down and .85% for those putting more than 5% down payment.  Here is a link to an article discussing the changes: 
http://www.washingtonpost.com/wp-dyn/content/article/2010/08/05/AR2010080506663.html
 The question you might be asking is "is this a consumer benefit?" Here is one interpretation:
http://www.thinkbigworksmall.com/mypage/archive/1/52542/
On a separate note, doing a short refi with an FHA loan MAY be possible if the servicer agrees.  Here is the FHA rule:
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-23ml.pdf
 
So, here we go again.  Life is about … (0 comments)

 
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Patti Mazzara NMLS #333279

Edina, MN

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Venture Development Inc NMLS #373115

Address: 7300 France Ave S #410, Edina, MN, 55435

Office Phone: (952) 285-4319

Cell Phone: (612) 237-6277

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Learn about the Twin Cities real estate, minnesota real estate, minnesota home financing, minnesota mortgages, FHA, VA, Reverse Mortgages, Debt Consolidation, refinancing, first time buyer programs, interest only loans, Edina, Minneapolis and St Paul. Visit our mortgage site at http://www.ventureloanapp.com or http://www.edinamortgage.com Patti Mazzara NMLS #333279 Venture Development NMLS #373115


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