Risk Based Mortgage Insurance Premiums
July 14 2008 FHA implemented a new system for the Mortgage Insurance Premiums.
FHA Premiums has been normally 1.5% and have now increased up to 2.25% based on credit worthiness.
Money Saving Tip
There is a way to avoid paying the max tier of 2.25%.
Participating in a Pre-Purchase Counseling by a HUD approved counseling agency can cap your max tier at 2.0% for First Time Home Buyers.
You can find a list of approved counselors on HUD's main website Hud Approved Counseling
Key-Points to Counseling
- Counseling must be completed before a signed purchase contract.
- Must be one-on-one and face-to-face
- Most Counseling is FREE or LOW COST. Many are FREE so choose wisely.
- First Time Homebuyers are considered without a House in the past 3 years.
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Just-In-Time Loans - Mortgage Needs and Advice on Time. (757-228-3668)
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