homepath renovation vs fha 203k: HomePath Renovation Vs. FHA 203k Loan: One More Reason To Use HomePath
- 03/06/11 01:38 AM
HomePath Renovation Vs. FHA 203k Loan: One More Reason To Use HomePath Financing Starting April 18, 2011 the factorial used to determine annual mortgage insurance premiums for a FHA 203k loan will increase .25%. Based on today's annual mortgage insurance premium rate of .9%, with a 3.5% down payment on a 30 year mortgage, the .25% increase will result in a new rate of 1.15%. Assuming a $200,000 loan amount the increase in mortgage insurance rates will cost the borrower an additional $41.66 per month. To determine the impact on a FHA borrowers monthly payment start by taking the monthly mortgage insurance premium factorial at .000958 (1.15%/12) and multiplying against the … (4 comments)
HomePath Renovation Vs. FHA 203k Loan: One More Reason To Use HomePath Financing
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