FHA Reminder, Increase in MIP!
Effective on case numbers assigned on or after April 18th, 2011, FHA will increase the annual MIP by .25% (up-front will stay at 1%)
For example, on a $200,000 loan amount, where the borrower put the minimum down(3.5%) the changes will look like this:
Current payments New payments on April 18th
Loan amount: $200,000 $200,000
Payment: $1074 (P.I. @ 5% int.) $1074
Est. taxes: $150 $150
Est. Haz. Ins. $65 $65
Mtg. ins. $150 $192
Total pymts: $1439 $1481
Difference in Mortgage Insurance: $42
PLEASE NOTE: Taxes and Insurance are average in CO, these numbers can vary SIGNIFICATNLY from state to state. Rates are subject to qualifications and change daily. This was just set as an example not a guarantee of qualificaion.
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