Effective with new FHA Mortgage Loans Originated after July 14, 2008, FHA has implemented a new risk-based premium guideline on one-to four-unit single family mortgages. Before the new change the upfront mortgage Insurance Premium was 1.5% on all transactions and the Monthly MI Factor was 50bp. The monthly MI would not apply on 15 year mortgage loans with a LTV of 90 or less. Under the new guidelines, the upfront MI can be as low as 1% on a Streamline FHA to FHA Refinance to a high of 2.25% for a borrower with a credit score between 500 and 559. Feel Free to visit our website to see a matrix of FHA's risk based mortgage program.

John D. Popp, Branch Manager Posted by Picasa
1st Metropolitan Mortgage
4608 Highway 49 S
Harrisburg, NC 28075
Phone: 704-490-4733 Fax: 704-225-9950
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Feel free to call me or any one of my originators with any questions you may have. We have a large variety of mortgage programs to choose from. We can also work with almost all types of credit problems.
 
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1 Comments on New Risk Based Premiums for FHA Mortgage Insurance

AUG
07
2008
211,939 Points 2 Featured Posts Outside Blog

have you heard anything about Freddie Mac going to the same type of pricing after today's big losses on wall street
12:04am • #1

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John Popp Charlotte Home Loan and FHA Source

Charlotte, NC

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1st Metropolitan Mortgage

Address: 4720 Piedmont Row Dr Ste 200, Charlotte, NC, 28210

Office Phone: (704) 490-4733

Cell Phone: (704) 796-5440

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North Carolina Mortgage Professional shares comments and answers consumer mortgage questions. Over 20 years of Hands On Mortgage Broker experience.


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