HOW FHA INCREASE IN ANNUAL MIP WILL EFFECT HOME BUYERS?

By
Real Estate Agent with Century 21 New Millennium MD

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.  

I am Margaret C. Taylor REALTOR® sharing information and events in St Mary's MD.

I am qualified to help YOU buy or sell your home. YOU need a Buyer's Agent to represent YOU.

ASK A QUESTION HERE RealEstate@MargaretC.com

CALL or TEXT 301 481 8407 for a FREE Consultation

I am a Century 21 New Millennium Real Estate Agent. Ask for MARGARET C.

I welcome your REFERRALS.

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?.

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Comments (4)

Ralph Gorgoglione
Maui Life Homes / Metro Life Homes - Kihei, HI
Hawaii and California Real Estate (310) 497-9407

If anything they should be making it more affordable, not more expensive.

Mar 13, 2011 04:06 PM
Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

That's something to keep in mind.  Buyers need to get off the fence and sign that contract soon.

Mar 13, 2011 04:12 PM
Margaret C. Taylor
Century 21 New Millennium MD - Mechanicsville, MD
St Marys/Calvert/Charles MD Real Estate Agent

Every day there seems something new happening in the mortgage industry.  Margaret C

Mar 14, 2011 03:56 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Margaret, the government is making it more and more difficult for first time home buyers to get into the real estate market!    GREAT blog!

Mar 24, 2011 01:28 PM