mortgage: FHA raises mortgage insurance premium and may hurt Denver Metro home values
- 02/24/11 03:48 AM
The FHA is boosting the annual mortgage insurance premium charged on its home loans, a move that will increase the cost of an average FHA mortgage by about $30 a month. Effective April 18, the FHA is increasing the annual mortgage insurance premium (MIP) on 30- and 15-year fixed-rate mortgages by 25 basis points, or one-quarter of one percent of the total loan value. The action is intended to help replenish the agency's capital reserves, which have been depleted due to losses on bad loans in recent years. The move almost immediately implements one of the Obama administration's recommendations for … (1 comments)
The FHA is boosting the annual mortgage insurance premium charged on its home loans, a move that will increase the cost of an average FHA mortgage by about $30 a month.
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