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mi: FHA Monthly MI Will NOT Go Away for Loans Started on or after 6/3/13
- 02/07/13 09:40 PM
HUD has just come out with two minor changes to the Monthly Mortgage Insurance on FHA loans. And they go into effect April 1st, 2013 and June 3rd, 2013. Here are the changes and an explanation of them.
Monthly Mortgage Insurance Amount
On all FHA loans with case numbers ordered on or after April 1st 2013, the monthly mortgage insurance will increase .10, for loan amounts under $625,000. Keep in mind in the Houston Texas Area the max FHA loan amount is $272,550. As an example, on a loan amount of $270,000 this would be a monthly payment increase of … (0 comments)
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mi: USDA Loans in Texas are Changing 10/1/11, Monthly Mortgage Insurance will increase
- 03/10/11 05:58 AM
It has just been announced that USDA loans monthly Mortgage Insurance will be increasing on 10/1/11. These changes apply to any case number ordered on 10/1/11 and after. Currently USDA loans have no monthly mortgage insurance, but after 10/1/11 that will be increasing to .30. On a $100,000 loan that will equal to a $25 increase in the borrowers payment.
On a positive note the upfront Mortgage Insurance Premium will decrease from 3.5% to 2%. This move in by itself would decrease the payment by $8 a month.
In the end, on and after 10/1/11 USDA loans with have an increase … (0 comments)
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mi: FHA’s Monthly Mortgage Insurance looking to Increase!
- 06/14/10 08:19 AM
Recently the House of Representatives gave HUD(FHA) the ability to raise their monthly mortgage insurance premium. They have given power to raise it up to 1.55% monthly. Currently FHA's mortgage insurance is .55% a month. Fha has not decided what to raise the monthly MI to at this time, but has mentioned that .90% should be sufficient. FHA is waiting for the Senate to pass this bill. If the Senate does pass this bill, look for the mortgage insurance to increase later in the year. I will keep you updated as the Senate votes on this. Please keep in mind that … (0 comments)
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HUD has just come out with two minor changes to the Monthly Mortgage Insurance on FHA loans. And they go into effect April 1st, 2013 and June 3rd, 2013. Here are the changes and an explanation of them.
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