Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

HomePath Renovation Vs. FHA 203k Loan: One More Reason To Use HomePath
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 outstanding principal balance.    Compare this using the old factorial of .00075 (.9%/12).  This mortgage insurance change is calculated as follows:
Current Premium:  .009/12 * $200,000 = $150.00 New FHA Premium:  .0115/12 * $200,000 = $191.66 This increase in monthly mortgage insurance premiums should be one more reason why home buyers considering purchasing a Fannie Mae REO in need of repairs should use the HomePath Renovation Loan since
There is no monthly mortgage insurance premium with the HomePath Renovation Loan Program.  This means that the monthly payment on the HomePath Renovation Loan is actually less than a comparable fixed rate FHA Loan even though the HomePath Renovation Loan typically has a ... more

__________________________________________________
Are you on The Rain? Grow Your Network!