HUD Announces Changes to FHA Mortgage Insurance Premiums - Effective April 18, 2011

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Mortgage and Lending with Guaranteed Rate NMLS #151088

On February 14, 2011, HUD announced that it will adjust its FHA Mortgage Insurance Premiums effective April 18, 2011.  This change is outlined in HUD Mortgage Letter 11-10.  It will increase monthly premiums by 25 basis points on that day. 

In order to obtain the lower MI premium, the FHA Case number must be assigned on or before April 17, 2011.  Since that date is a Sunday, the last business day will April 15, 2011......Tax Day.  Coincidence maybe????

These changes all take effect just 6 months after HUD's last mortgage insurance premium change.  The Upfront Mortgage Insurance Premiums will remain unchanged at this time.  One noticeable change is that 15 Year Fixed mortgages <90.00% LTV are no longer exempt from the monthly MI.

 

 

 

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It is always advisable to consult with a knowledgeable lending professional when navigating today's turbulent mortgage and real estate marketplace.  I am committed, qualified and equipped to help you evaluate your options!

 

Also check out:

Conventional Financing Mortgage Program Overview/Updates

FHA Financing Mortgage Program Overview/Updates

USDA Financing Mortgage Program Updates  

 

Programs Include:

 

  • Conventional (Fannie Mae & Freddie Mac)

  • FHA, USDA, & VA

  • Jumbo to $3,000,000

  • Bank Statement Program for Self-Employed Borrowers

  • Foreign National Program

  • Investor Cash Flow

  • Non-Warrantable Condos

  • Georgia Power Leaseholds for Lake Burton, Rabun, & Seed

 

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  • Rodney Mason is a Licensed Branch Manager located in Atlanta, GA.   He can be reached at (404) 591-2453.
  • Providing financing for all cities across Georgia including: Acworth, Albany, Alpharetta, Athens, Atlanta, Augusta, Austell, Avondale Estates, Blairsville, Bloomingdale, Blue Ridge, Bogart, Brunswick, Buckhead, Buford, Canton, Carrollton, Cartersville, Chatsworth, Clayton, College Park, Columbus, Commerce, Conyers, Covington, Cumming, Dahlonega,  Dacula, Dalton, Dawsonville, Decatur, Doraville, Douglasville, Duluth, Dunwoody, East Point, Fayetteville, Flowery Branch, Gainesville, Greensboro, Hampton,  Hapeville, Hinesville, Hiram, Jackson, Jefferson, Jonesboro, Kennesaw, Lagrange, Lawrenceville, Lilburn, Lithia Springs, Macon, Madison, Metter, Morganton, Morrow, Newnan, Norcross, Oakwood, Peachtree City, Pooler, Richmond Hill, Riverdale, Rome, Roswell, Sandy Springs, Savannah, Scottdale, Statesboro, Stockbridge, Stone Mountain, St Marys, Sugar Hill, Suwanee, Thomasville, Thunderbolt, Tucker, Tybee Island, Valdosta, Waleska, Warner Robins, Waycross, Wilmington Island, Winder, Woodstock, and many more.

    Providing financing for all cities across Alabama including:
    Alabama Port, Anniston, Athens, Auburn, Bessemer, Birmingham, Boaz, Bridgeport, Cedar Bluff, Chickasaw, Clayton, Coden, Dauphin Island, Decatur, Dothan, Eufaula, Fairfield, Fairhope, Florence, Foley, Forestdale, Fort Morgan, Fort Payne,Gasden, Grand Bay, Gulf Shores, Heron Bay, Homewood, Hoover, Jasper, Josephine, Madison, Meadowbrook, Midfield, Mobile, Mon Louis, New Hope, Orange Beach, Oxford, Oyster Bay, Phenix City, Prichard, Rainbow City, Saraland, Satsuma, Scottsboro, Selma, Troy, Theodore, Tillmans Corner, Trussville, Tuscaloosa, Vestavia Hills, Warrior and many more.

  • Providing financing for all cities across Florida including: Altamonte Springs, Atlantic Beach, Boca Raton, Bradenton, Cape Coral, Clearwater, Coral Springs, Daytona Beach, Delray Beach, Destin, Fort Lauderdale, Fort Myers, Fort Walton Beach, Gainesville, Hollywood, Homestead, Jacksonville, Jupiter, Key Largo, Key West, Lake City, Largo, Marathon, Mexico Beach, Miami, Naples, New Smyra Beach, Ocala, Orlando, Palm Coast, Panama City Beach, Pensacola, Pompano Beach, Port St Joe, Sanibel Island, Sanford, Sarasota, St Augustine, St Petersburg, Tallahassee, Tampa, Vero Beach, West Palm Beach, & Winter Park, and many more.

 

  • Providing financing for all cities across South Carolina including: Aiken, Anderson, Beaufort, Bluffton, Charleston, Columbia, Conway, Edisto Island, Florence, Greenville, Hilton Head, Johns Island, Myrtle Beach, North Augusta, Orangeburg, Rock, Hill, Spartanburg, Sullivans Island, Summerville, and many more.  
  •   

    Providing financing for all cities across Tennessee including: Athens, Brentwood, Bristol, Chattanooga, Clarksville, Cleveland, Cookeville, Dyersburg, Franklin, Gatlinburg, Greeneville, Johnson City, Kingsport, Knoxville, Maryville, Memphis, Morristown, Murfreesboro, Nashville, Newport, Oak Ridge, Pigeon Forge, Sevierville, and many more

 

All mortgage lending guidelines are accurate at time of post, but are subject to change without notice.  Please call for the most current information.

    

           

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Rainer
57,950
Mark Nehs
Mortgage Loan Officer Waukesha Wisconsin - Pewaukee, WI

Yep another FHA hike.  Agreed work with a mortgage professional and find your house now!!

Feb 14, 2011 01:32 PM #1
Ambassador
1,726,269
Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

Hi Rodney...

Wow, is FHA about to price thenselves out of business?

Feb 14, 2011 02:25 PM #2
Rainmaker
418,951
Rodney Mason
Guaranteed Rate - Atlanta, GA
Licensed in AL, FL, GA, SC, & TN

Mark....You are right.  Just one more reason to get off of the fence.

Richard....HUD still pretty much has the market cornered.  Conventional MI is still not as readily available at higher LTV's as FHA MI is.

 

Feb 14, 2011 02:31 PM #3
Rainer
243,850
Brenda Whitman, Live in Laramie Real Estate
Live in Laramie Real Estate, Laramie, Wyoming - Laramie, WY
Broker/Co-Owner, Laramie, Wyoming

Thanks, Rodney.  I did not see this one coming - so this is very useful when advising our FHA buyers to consult with their lender, sooner rather than later.

Feb 16, 2011 10:57 AM #4
Rainmaker
418,951
Rodney Mason
Guaranteed Rate - Atlanta, GA
Licensed in AL, FL, GA, SC, & TN

Brenda....I think this one caught most everyone off-guard.  I heard a rumor about it last week.

Feb 16, 2011 12:33 PM #5
Rainmaker
3,238,424
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Rodney these rumors always seem to turn to fact. It is like they slip it out so by the time it happens we have adjusted mentally, Not Financially.

Feb 16, 2011 03:14 PM #6
Rainer
213,192
Barbara Heil-Sonneck
Design2Sell - Atlanta, GA
Home Staging Atlanta

Hi Rodney, you keep us up to date, thank you!

Feb 17, 2011 05:01 PM #7
Rainmaker
418,951
Rodney Mason
Guaranteed Rate - Atlanta, GA
Licensed in AL, FL, GA, SC, & TN

Endre....I had only seen this one a few days earlier.

Barbara....Thins are ever changing.

Feb 17, 2011 11:49 PM #8
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Rainmaker
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Rodney Mason

Licensed in AL, FL, GA, SC, & TN
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