Mortgage Update

Short term development financing is readily available for 1-4 unit properties: 65% of purchase price, plus 75% of rehab/construction cost. /// FHA premium increases are postponed till Oct 4th (See below). /// Make it a good week folks. - Paul   FHA premium increase postponed to Oct 4th.  The FHA ...

FHA premiums are going up Sep 7. The upfront premium (added to the loan amount) will DECREASE from 2.25% to 1.00%. The annual premium (1/12th added to te monthly payments) will INCREASE from 0.55% to 0.90%. A quick calculation tells us the break even (equivalent)  is approx 3.5 years. More below....