FHA Loans Announcement: Increase in upfront premiums for FHA mortgage insurance starts April 5, 2010 - 01/29/10 08:45 PM
 FHA UPDATE  FHA UPDATE
On January 21, 2010; the federal housing commissioner announced news about the increase in upfront premiums for FHA mortgage insurance.  Effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront MIP or Mortgage Insurance Premium of 2.25%.  This will be an increase of 0.50% from current MIP of 1.75%.
If you have any FHA questions please feel free to email me at: nima@concorde.bz
Nima Rezvan
Executive Mortgage Banker
Blackberry: 203.913.6016
Email: nima@concorde.bz
Website: http://www.NimaLoans.com

 
… (4 comments)

Today's Employment Report Disappoints as US Economy Sheds 85,000 Jobs in December - 01/08/10 08:54 AM
The unemployment report which I saw on CNBC stated that the US economy lost 85,000 jobs in the month of December which could mean the mortgage interest rates could come down a bit from their existing positions.
 
The mortgage interest rates have been going higher and higher since November 30, 2009.  The poor report today could cause a small drop in rates and that's what most home buyers will be hoping for.
 
In my opinion, lower rates could cause much mortgage rate lock activity as most borrowers and most mortgage professionals did not lock in before November 30th. 
 
… (0 comments)