FHA changes to Mortgage Insurance coming this October! Simply stated:

By
Mortgage and Lending with Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT MLO 10920

HUD has announced that there will be change in the UFMIP (Up-front Mortgage Insurance Premium) and monthly mortgage insurance premium (MIP).  While the mortgagee letter is not out the buzz is getting out. 

The new premiums will be effective with case number assignment as of October 4, 2010.

 

Here are the changes:

The UFMIP will drop to 1.0%: wow!

The reason for the changes below is to prop up the FHA Mutual Mortgage Insurance Fund which is "running out" and needs to be "pumped" up.

The monthly MIP for a 30 year fixed with maximum financing will be .90%-ouch

The monthly MIP for a 30 year fixed with 5% down will be .85%

 

 

Knowledge is power!

Posted by

Ann Sabbagh, President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

 

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

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