FHA Loans
FHA Fees Going Up April 1st-HURRY Don’t Wait!
March 6, 2012 by Financemyhome · Leave a Comment
FHA has raised the annual Mortgage Insurance Premium to 1.25% beginning April 1st. MIP is required on all FHA loans and used to fund losses by lenders for borrowers who default on their mortgages. As of June 1st, FHA loans in excess of the standard maximum of $625,500, in high-cost areas, will have a premium of 1.5% of the loan amount.
In addition to the increase in the annual MIP, FHA also announced it plans to raise the fee on the up-front MIP from 1.00% to 1.75%. No date was reported for its implementation.
The bottom line will result in a borrower’s payments going up. However, it might not be restricted to the MIP. Freddie Mac’sPrimary Mortgage Market Survey showed that both 30 year and 15 year mortgages have gone up too.
One way to avoid the increase is to have a completed sales contract and have your lender order the FHA commitment prior to April 1, 2012. If you plan on buying a home this spring, there is a reason to do it earlier rather than later.
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FHA Loans
Amazing Video-Wouldn’t Believe It If I hadn’t Viewed The Video
September 1, 2011 by Financemyhome · Leave a Comment
Amazing message-mortal enemies can get along! What an example for the rest of us!
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FHA Loans
FHA Loss Mitigation Options For Those With FHA Loans
January 26, 2010 by Financemyhome · Leave a Comment
Here is the latest FHA Mortgagee letter that explains what options are available for people in default with their FHA mortgage. There are options, you need to explore them if you are in danger of losing your home.
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