February 16, 2011

FHA Changes on the Horizon….

Posted in Uncategorized tagged , , , , , , , , at 8:07 pm by winterbaserva

FHA Changes on the Horizon….

FHA Commissioner David H. Stevens today announced a new premium structure for FHA-insured mortgage loans:

  • The annual mortgage insurance premiums will increase (MIP) by a quarter of a percentage point (.25) on all 30- and 15-year loans. 

 

  •  The upfront MIP will remain unchanged at 1.0 percent. 

 

  •  Fiscal year 2012 budget will impact new loans insured by FHA on or after April 18, 2011.

 

  •  FHA to remain the most cost effective mortgage insurance option for borrowers with lower incomes  and lower down payments.

 

  • FHA will continue providing affordable homeownership options to underserved American families and first-time homebuyers while helping to stabilize the housing market during these tough times. 

 

  • On average, new FHA borrowers will pay approximately $30 more per month. 
 
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