FHA changes are coming. Are you in the know?
John Periatt with Evolve Bank & Trust shared with us that the following changes will take effect for all FHA transactions with case numbers on or after April 1, 2012: The UpFront Mortgage Insurance Premium (UPMIP) will increase from 1.0% to 1.75% and the Monthly Mortgage Insurance Premium (MIP) will increase from 1.5 to 1.25 for all LTV's (Loan to Value) greater than 95%
The case numbers are assigned to a specific property, not the borrower. The case number will be good for a total of 180 days.
How will these changes affect FHA buyers? Here's an example:
$200,000 LOAN SIZE
OLD
UPMIP-$2,000
MIP- $190.13
PAYMENT- $964.38
TOTAL PAYMENT- $1154.51
NEW
UPMIP- $3,500
MIP- $208.33
PAYMENT- $971.54
TOTAL PAYMENT- $1,179.87
For more information please email us at donna@donnadrake.com
Sign up for our Market Insider at http://www.westchesterohiohomes.com/mimarket/zip/45044/
Joseph and Donna Drake
Keller Williams Realty Associate Partners
513-476-8784 Call/Text
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