mip upfront mip: Is FHA going to raise the down payment to 5%?
- 05/25/11 06:51 PM
...that's a great question! I wish I knew the final answer. On May 25, 2011, the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity met with one goal: "Determine the role of FHA, RHS, and GNMA in the Single- and Multi-Family Mortgage Markets" Several industry leaders were brought in to testify at the hearing, including NAR's own president, Ron Phipps as well as chairman of Mortgage Banker's Association, Michael Berman. A draft of the FHA-Rural Regulatory Improvement Act of 2011 was the focus of the hearing. The headline from this act will obviously be the change of FHA's minimum down … (6 comments)
mip upfront mip: USDA Guaranteed Loans - "No PMI" No More!
- 03/02/11 03:33 PM
USDA Rural Development has long been the 100% financing leader for a lot of areas across the nation. One of the major benefits of this loan product was that it required no monthly escrows for an annual mortgage insurance (MI). MI is sometimes referred as PMI, and the loan is advertised many times as 100% Financing with No PMI. That’s all going to change come October 1, 2011. USDA issued Administrative Notice 4551 on February 24, 2011 that alluded to this upcoming change. The change has been confirmed in an email that also included instructions on how to calculate the … (12 comments)
mip upfront mip: FHA changes to increase monthly cost to borrowers on October 4th, 2010
- 08/06/10 07:41 PM
This week, Congress has passed H.R. 5981 and it's headed to the President's desk. There are some major FHA changes associated with this bill that gives FHA the authority to raise the annual mortgage insurance premium that is supposed to bring in $300 million more on a monthly basis to FHA. So how does this affect the borrower?? The good news is that they plan to decrease the upfront mortgage insurance to 1%, down from 2.25%. The bad news however, is that monthly cost for mortgage insurance is going up from a factor of .55 to .90 for a 30 year … (4 comments)
...that's a great question! I wish I knew the final answer.
;)
;)
