The FHA Loan has had MANY changes since 2010.
I am a Mortgage Lender and receive guideline updates daily.
I know the time it takes ME to stay on top of the changes.
So, I can only imagine how difficult it is for a Realtor.
Subscribe to my blog.....
I will post guideline updates to keep you informed!
For quick reference:
- The FHA Loan has 2 mortgage insurance amounts.
- An Upfront Amount that is FINANCED and a MONTHLY amount that is part of the mortgage payment.
- The upfront mortgage insurance premium is financed into the loan amount OR can be paid on behalf of the seller or lender. It must be paid in full, no partial payments….
DID YOU KNOW?
The FHA Loan is an ASSUMABLE LOAN. This is a HUGE selling point for clients not ready to sell their homes just yet. Refinance the home to a FHA loan so when ready to SELL their home it will sell quickly. A low interest rate offered in a high rate environment will sell the home!
NEW MORTGAGE INSURANCE MONTHLY AMOUNTS
The NEW Upfront Mortgage Insurance Premium is 1%
The NEW Monthly Mortgage Insurance Premium on 30 Year Loans with <95% LTV is 1.10%
The NEW Monthly Mortgage Insurance Premium on 30 Year Loans with >95% LTV is 1.15%
on 15 Year Loans with <95% LTV is 25%
on 15 Year Loans with <95% LTV is 25%
Comments(2)