FHA to Increase Mortgage Insurance Premiums

By
Real Estate Agent with Berkshire Hathaway HomeServices Fox & Roach, REALTORS® AB067539

FHA to Increase Mortgage Insurance Premiums

Buy now BEFORE interest rates and mortgage insurance premiums INCREASE!

Effective April 18, 2011 the FHA will increase the Annual Mortgage Insurance Premiums (MIP) on all FHA loans by twenty-five basis points.

What exactly does this mean for a home buyer?

The payment on a thirty year FHA loan with a case number issued on or after April 18th will increase by $33.00 on a sale price of $163,000. A case number is assigned when the client is under contract and there is a written mortgage application on file.

 Why Wait?

  • Mortgage Rates are still extremely low.
  • There are a huge selection of homes in most areas
  • Homes are more affordable than in recent years,. Many Sellers are willing to negotiate.
  • Rents are rising!

 Buy now BEFORE interest rates and mortgage insurance premiums INCREASE!
______________________________________________________________________________

Whether you are buying or selling a home, George Maynes will always work in your best interest while helping to make your real estate transactions as stress free as possible.  

George Maynes and his team are excited to assist you in all of your real estate transactions.  Please contact George Maynes for a FREE (no obligation) consultation if you plan to buy and/or sell a home.  We will provide you with reliable advice so you can make informed decisions. 

www.GeorgeMaynes.com

George Maynes
Prudential Fox & Roach, REALTORS®
2451 Fairmount Avenue, Philadelphia, PA 19130
George.Maynes@prufoxroach.com
Cell: 215-317-3007
Office: 215-763-2100
 

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Rainer
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Rob Ross
MVB Mortgage "A Potomac Mortgage Group Trademark" - Friendship Heights, DC
MVB Mortgage

Very good update!  I do a ton of FHA and buyers need to get off the fence now.

Feb 22, 2011 01:50 PM #1
Rainmaker
2,921,608
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

George - FHA reserves are very low, and it will cost more to obtain FHA financing.

Feb 22, 2011 04:04 PM #2
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