FHA Premiums are going up again
Have you heard HFA premiums are going up again?
If you have any clients on the fence, you may want to get them into a pruchase if it is an FHA.
Starting April 9th, the upfront MI is going up from 1.00% to 1.75%.
On a $417,000 purchase, that is a increase from $4170.00 to $7297.00
The monthly MI is increasing from 115 bps to 125bps.
We have three-four weeks left before the increase.
There is some good news for FHA streamline mortgages that were endorsed on or before May 31st, 2009.
Upfron MI is decreasing from 1 percent to 0.01 percent of the base loan amount.
Let me know if you have any further questions.
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