Do you want to know HOW FHA INCREASE IN ANNUAL MIP WILL EFFECT HOME BUYERS?
MIP is the Mortgage Insurance Premium on standard FHA home loans.
On April 18th, 2011 the FHA will INCREASE the ANNUAL MIP, which WILL EFFECT HOME BUYERS, visit Mortgagee Letter 11-10 FHA.
Here is an example of how HOME BUYERS will be effected: On a $163,000 house purchase the BUYER'S monthly payment will increase by $33/mo just for MIP alone!
In order to avoid this a BUYER, with a property under contract, needs to make sure a case number is assigned BEFORE April 17th, 2011.
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This blog is for informational purposes only and is not intended as legal or tax advice. An Attorney, CPA or other specialist should be consulted for specific needs.
I hope this helps you know HOW FHA INCREASE IN ANNUAL MIP WILL EFFECT HOME BUYERS?.