Good News for SOME FHA Homeowners in Berkeley, CA– Streamline Mortgage Insurance is Going Down

By
Mortgage and Lending with Caliber Home Loans NMLS# 242952

Direct Link:

http://youtu.be/5N0ouGW1h-A">http://youtu.be/5N0ouGW1h-A</a

On March 7th HUD announced that FHA mortgage insurance is going up on April 9th for ALL FHA loans. A .10% increase.

Not only that but FHA is raising the upfront mortgage insurance premium from 1% to 1.75%

THEN they announced some good news – For case numbers assigned after June 11, 2012 which are refinancing an FHA loan which was endorsed prior to June 1st 2009 there will be a decrease to the monthly mortgage insurance to just .55%.

Now this is huge because rates were anywhere from the high 4’s to mid 5’s in 2009 and FHA mortgage insurance was .55%. Since then, or course, we have seen rates go down but mortgage insurance keeps going up. Every year!

Let’s take a look at an example – Say you have a $300,000 Loan

 30 Year fix 5.25%    Payment = $1656        MI .55% = $137.50    Payment = $1793

30 Year Fix 3.75%    Payment = $1389      MI 1.15% = $287.50    Payment = $1676

*After June 11 2012* 3.75% (est)  Payment = $1389   MI = $137.50   Payment = $1526

So this is a great step in the right direction for helping FHA homeowners who don’t want to throw away money on monthly mortgage insurance.

If you are a homeowner looking to see if you are eligible contact me to see when your FHA loan was endorsed. If you are a Realtor make sure you dig through your closed database and see if your clients qualify. There is never a better time to ask for a referral than after you save somebody Money.

If you need further assistance please feel free to comment, call 510.282.5456 or email info@garrick.biz

Related Links:

http://the-buzzz.com/2012/03/02/fha-mortgage-insurance-is-on-the-rise-in-the-san-francisco-bay-area-again/

http://the-buzzz.com/2012/02/10/how-long-until-you-can-buy-again-after-short-sale-foreclosure-or-bankruptcy-in-alameda-ca/

 

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Topic:
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California
Groups:
Alameda California
Oakland California
Berkeley California
San Francisco Bay Area Real Estate
Jumbo Mortgages
Tags:
refinance
fha financing
fha mortgage insurance

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