FHA MIP on the Rise - FHA Loans Becoming Less Attractive, Costing More

By
Real Estate Agent with Homebuyer Representation, Inc. DRE# 5467433

Hand full of moneyFHA Annual Mortgage Insurance Premium just went up another .25%

On a $300,000 loan, this means the monthly payment just went up $62.50 per month!

This goes into effect on loans insured by FHA on or after April 18, 2011.

I hope our new construction buyers with FHA loans have homes to close on before then!

There is surprisingly little coverage on this. Here is one of the few links I could find other than bloggers: Fox News

If you will be buying a home with FHA Financing this spring ANYWAY, you may want to consider beginning your home search a little earlier than you had planned.

Other changes are sure to come as the government has plans to substantially pull out of the mortgage industry over the next few years.

Before you do anything else, please research "Exclusive Buyer Agency".

Salt Lake City, Utah is a great place to live, work, raise a family, run a business and have fun!

  • Are you or your company relocating to Utah?Homebuyer Representation, Inc. - Exclusive Buyer Agents
  • Do you want to buy a $300,000-$800,000 home within 90 days?
  • Do you have excellent credit?
  • Are you making a substantial down payment or paying cash for your home?

If so, You Deserve the Best!

Don't buy a home without an agent on YOUR side of the transaction!

Make sure you hire an Exclusive Buyer's Agent!

Call us at (801) 969-8989 or contact us via the link on this page.real estate agents on the buyers side

©2011 Homebuyer Representation, Inc. - "The Real Estate Agents on the Buyer's Side" TM - Salt Lake City, UT - Exclusive Buyers Agents (EBA) - All Rights Reserved

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Topic:
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Location:
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Groups:
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RainMakers
Tags:
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2011

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Rainer
158,962
Stefan Scholl
Buyer's Broker of Northern Michigan, LLC - Petoskey, MI
Northern Michigan Real Estate

Benjamin,

Great Information on the FHA price increase.  It looks like prices are rising to more properly reflect risk. 

Sorry I haven't had a chance to return your call.  I have been meaning to.  Hope the annual conference was a success.

Regards,

Stefan

 

 

 

Feb 17, 2011 09:33 AM #1
Anonymous
Kathy Howe

FYI:  from FHA  http://www.fha.com/fha_requirements_mortgage_insurance.cfm  Back in August it was stated that the MIP could go up as much as 1.5%.  From REALTOR Magazine is an excellent article:  http://speakingofrealestate.blogs.realtor.org/2011/02/15/budget-fha-mip-hike-28-deduction-cap/

Have a great day.

Feb 25, 2011 07:41 PM #2
Rainmaker
252,068
Benjamin Clark
Homebuyer Representation, Inc. - Salt Lake City, UT
Buyer's Agent - Certified Negotiation Expert

Thank you Stefan and Kathy!

Mar 01, 2011 01:45 PM #3
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Rainmaker
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Benjamin Clark

Buyer's Agent - Certified Negotiation Expert
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