fha increase: Paige Walker Real Estate update - FHA monthly increase goes in effect APRIL 18, 2011 - 02/15/11 01:27 PM

ATTENTION ALL BUYERS GOING FHA......
All loans closing after April 18, 2011 will see a monthly increase on the Mortgage Insurance Premium (MIP) of around $30 on average.
This increase which was detailed in the President's 2010 budget is one of the ways the Government is trying to strengthen the agency's capital reserves.
MIP is insurance that the Borrower pays for each month to offset the risk for HUD in case the Borrower defaults on the loan.
I found it interesting that a government official had stated that"This marginal increase is affordable for almost all home-buyers who would qualify for … (0 comments)