FHA Mortgage Premium Increase
FHA has just announced they are raising insurance premiums as follows (effective April 1st):
(We assume it will apply to case numbers assigned on or after April 1st.)
The increases are as follows:
10 basis point increase in annual premium for single family forward mortgages (1.25% annual premium)
25 basis point additional increase for loans above $625,500 ( to 1.5% annual premium)
Increase the upfront premium on new originations by 75 basis points to 1.75%
(No changes to reverse mortgages)
This information was provided by Joe Salisbury at Presidential Bank Mortgage in Gaithersburg, Maryland. Please call Joe at 301-590-8911 ext. 209 if you have questions. RE/MAX Realty Group has an affinity agreement with Presidential Bank Mortgage, a preferred mortgage lender.
There is much to see and much to do in Maryland. Be sure to have your camera in hand to capture the special moments when you are out and about in your community or during your travels.
Hibiscus,Longwood Gardens Conservatory IMG_4134
Photograph by Roy Kelley using a Canon PowerShot G11 camera.
Roy and Dolores Kelley Photographs