Home > Blogs > Katrina Cole > The Trusted Professional

Just a Reminder: FHA Mortgage Insurance Premiums (MIP)

By Katrina Cole

Mortgage and Lending with The Jonathan Arnold Team of Inlanta Mortgage

April 08, 2010 03:49 AM

REMINDER OF NEW FHA MORTGAGE INSURANCE PREMIUMS (MIP)

A follow up to the previous posting; FHA Mortgage Insurance Premiums

FHA will now collect an upfront mortgage insurance premium of 2.25 percent, rather than 1.75%. This policy change will increase premiums for purchases as well as refinance transactions, including those FHA-to-FHA credit-qualifying and non-credit qualifying streamlined refinance transactions. For more detailed information on this premium increase, please see Mortgagee Letter 2010-02.

Re-Blog

Comments(2)

Comment

Show All Comments

Sort:

Robert L. Brown

www.mrbrownsellsgr.com - Grand Rapids, MI

Grand Rapids Real Estate Bellabay Realty, West Mic

Not a big increase but an increase nonetheless. Can that be included in the closing costs?

Apr 08, 2010 08:15 AM

Katrina Cole

The Jonathan Arnold Team of Inlanta Mortgage - East Grand Rapids, MI

Inlanta Mortgage, Business Development Manager

Yes, Robert the MIP is rolled into the costs of the loan. With purchases this is a bit easier that in refis where there may be little equity and there are sometimes where a borrower must pay for some of the closing costs out of pocket. The increase seems small overall but when you start talking about loan amounts over $250,000 that is over $1250 which we both know borrowers don't have just laying around these days.

Apr 09, 2010 01:46 AM

Just a Reminder: FHA Mortgage Insurance Premiums (MIP)

Comments(2)

Katrina Cole

Service Areas

Real Estate Resources

Recent Posts

Additional Information


	Katrina Cole Business Development
	Inlanta Mortgage, Inc 2029 Celadon Dr NE Grand Rapids, MI 49525

	Office/Fax:	(616) 682-6839
	Cell:	(616) 350-5515
	Email:	katrinacole@inlanta.com
	Website:	applywithjon.com
	Website:	brianferrick.inlanta.com

HOW we do business is WHY people do business with us.