Attention Indianapolis Home Buyers! FHA Monthly Mortgage Insurance Increasing on 4/18
Just a reminder that the FHA monthly mortgage insurance premium is increasing on April 18th. If you are going to use FHA financing and have an Indianapolis area property you're considering purchasing -- don't wait. Getting an address to a lender so they can pull a case number before the 18th will save you money.
If you haven't found the "perfect place" yet -- don't dispair. Yes, your monthly FHA mortgage insurance will be a little higher, but there are other options. You may want to consider saving a little extra so you can put down an additional 1.5% and use Conventional Financing.
New Monthly Mortgage Premiums
90% LTV 95% LTV 97% LTV
FHA 1.10% 1.10% 1.15%
Conv .49% .67% N/A
(FHA minimum down payment is 3.5%, Conventional minimum down payment is 5%)
Give us a call for more details!