FHA Mortgage Insurance changes

Effective this month, FHA mortgage insurance becomes risk based. There are changes to both the upfront mortgage insurance premium (UFMIP) and the yearly (paid monthly) premium. That means that the higher the loan to value and the lower the credit the higher the premium is. At the same time, the lower the loan to value and the higher the credit score, the lower the premium.

Best deal is a credit score of over 640 and a loan to value of 95% or less. The new UFMIP is lower than before at 1.25%. The yearly stays the same at .5%. It can go all the way to 2.25% for the UPMIP and .55 for the yearly, but that takes a pretty low score.

15 year loans are on a different schedule. Call me if you have questions about the new mortgage insurance premiums.

Posted by Fred Chamberlin - Eugene/Springfield's #1 Experienced FHA Mortgage Consultant on 07/01/2008 05:24 PM

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Loan Officer: Fred Chamberlin - Eugene/Springfield's #1 Experienced FHA Mortgage Consultant (Alpine Mortgage Planning)

Fred Chamberlin - Eugene/Springfield's #1 Experienced FHA Mortgage Consultant
Eugene, OR
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Alpine Mortgage Planning

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