FHA Monthly MI goes up by .25% Apri 18th

By
Services for Real Estate Pros with Capital City Mortgage Investments, Inc Since 1994


> MIP (monthly) will be increasing April 18th another 25bps- THIS
> EFFECTS 15 YR NOTES AS WELL!

 

EXCEPT FROM FHA HUD
>
>
> ML 2011-10: Annual Mortgage Insurance Premium Changes and Guidance on
> Case Numbers (02/14/11)
>
> TO:  ALL APPROVED MORTGAGEES
>
>
> Purpose
>
> This Mortgagee Letter introduces a 25 basis point increase to the
> Annual Mortgage Insurance Premiums for forward mortgage amortization
> terms. It also provides guidance on the validity period of case
> numbers and new requirements for requesting them.
>
> Effective Date
>
> The increase in Annual Mortgage Insurance Premiums for forward
> mortgage amortization terms is effective for case numbers assigned on
> or after April 18, 2011.
>
>
>
>
> Summary  Increase in the Annual Mortgage Insurance Premium
>
> Given the legislative mandate in section 202 of the National Housing
> Act for ensuring that FHA?s Mutual Mortgage Insurance Fund (MMIF)
> remains financially sound, it is imperative that the MMIF is further
> strengthened to ensure that FHA will continue its historic role of
> providing a home financing vehicle during periods of economic
> volatility and its mission of helping under served borrowers.
>
> The 25 basis points (bps) increase in the
> Annual Mortgage Insurance Premiums. There are no changes to the
> Upfront Mortgage Insurance Premium (UFMIP). It is anticipated that
> this increase will have minimal impact on borrowers but will
> significantly strengthen the capital position of the MMIF.
>
> The increase in the Annual Mortgage Insurance Premiums for forward
> mortgage amortization terms is effective for case numbers assigned on
> or after April 18, 2011.
>
> Mortgage Insurance Premiums
> Loans > 15 years
> UFMIP = 100 bps  Annual Premium
> LTV  Through 4/03/2011*  On/After 4/04/2011**
>  95.00 percent  85 bps  110 bps
>> 95.00 percent  90 bps  115 bps


> Loans  15 years
> UFMIP = 100 bps  Annual Premium
> LTV  Through 4/03/2011*  On/After 4/04/2011**
>   90.00 percent  None  25 bps
>> 90.00 percent  25 bps  50 bps
> *For case numbers assigned on/before April 17, 2011
> **For case numbers assigned on/after April 18, 2011
>

Posted by

Thanks,

Peter


404-643-4793

 

Providing financing for cities across Georgia including: Acworth, Albany, Alpharetta, Athens, Atlanta, Augusta, Austell, Avondale Estates, Blairsville, Bloomingdale, Blue Ridge, Bogart, Brunswick, Buckhead, Buford, Canton, Carrollton, Cartersville, Chatsworth, Clayton, College Park, Columbus, Commerce, Conyers, Covington, Cumming, Dahlonega,  Dacula, Dalton, Dawsonville, Decatur, Doraville, Douglasville, Duluth, Dunwoody, East Point, Fayetteville, Flowery Branch, Gainesville, Greensboro, Hampton,  Hapeville, Hinesville, Hiram, Jackson, Jefferson, Jonesboro, Kennesaw, Lagrange, Lawrenceville, Lilburn, Lithia Springs, Macon, Madison, Metter, Morganton, Morrow, Newnan, Norcross, Oakwood, Peachtree City, Pooler, Richmond Hill, Riverdale, Rome, Roswell, Sandy Springs, Savannah, Scottdale, Statesboro, Stockbridge, Stone Mountain, St Marys, Sugar Hill, Suwanee, Thomasville, Thunderbolt, Tucker, Tybee Island, Valdosta, Waleska, Warner Robins, Waycross, Wilmington Island, Winder, Woodstock, and many more.

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Rainer
7,373
Michael Church, Sr.
Accurate Mortgage - Nashville, TN
Sr Mortgage Specialist

wow isnt this a good Idea, make it harder for borrowers to afford there homes when they are already bursting at the seams!!!

February 16, 2011 10:03 AM #1
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Rainer
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Peter Bright

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