Just a quick reminder that FHA is changing their Monthly MI to 1.35% on Monday. This means the amount you pay on monthly mortgage insurance will go up slightly. If you have deals in the pipeline, have your lender order the FHA case number to protect your costs.
Also, on June 3, the MMI becomes permanent and will last the full term of the loan. This is could make a huge difference over a thirty year loan.
My Community is a loan program that has not announced a permanent fix on mortgage insurance for the life of the loan. Make sure your lender is giving you options and opportunities to save money.
Thank you,
Kelly
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