April 11, 2012

FHA Mortgages - Updates to Mortgage Insurance Premiums


There's no question that FHA loans can offer significant benefits to borrowers, such as competitive low rates. Recently there have been several changes to the loans, but most of them only effective certain borrowers.

However, one change will apply to all  FHA loan applicants - the increase in mortgage insurance premiums effective April 9th, 2012.

The up front Mortgage Insurance Premium (MIP) is being increased from 1% to 1.75%. Borrowers can still finance this fee into the loan, so there is no immediate out of pocket expense, but it will increase the loan amount and the monthly payment.

Also, the monthly Mortgage Insurance Premium (MIP) is being increased from 1.15% to 1.25% for the average 30 year loan. This amount will also increase the monthly payment.

This will make FHA loans slightly more expensive than they have been int he past, but they still offer a low down payment at very competitive rates.

For more information about the changes, feel free to contact David Poole, mortgage loan originator, who provided me with this information. You can reach David at 954-254-7468 or visit his website at www.DavidPooleOnline.com 

For a complete nationwide list of lenders who can assist with FHA loans, visit http://www.hud.gov/ll/code/llslcrit.cfm









0 comments:

SIGN UP FOR EMAIL ALERTS

SIGN UP FOR EMAIL ALERTS
Be the first to know about new listings & price changes!

BLOG UPDATES VIA EMAIL

Enter your email address:

Delivered by FeedBurner

THE LATEST LISTINGS

THE LATEST LISTINGS

BANK OWNED PROPERTY

FOLLOW ME ON FACEBOOK

About Me

My Photo
Tracy Larson, Realtor in the Florida Keys / 305-522-3812
Thank you for visiting Florida Keys Market Update for information about the Florida Keys real estate market. Licensed since 1993 and a Keys local since 1987, I want to be your Realtor here in our island paradise. Note: Information for listings featured on this blog is gathered from our local MLS; not all properties are my listings.
View my complete profile

FEATURED LISTINGS

Century 21 Schwartz Realty

POPULAR POSTS