***FHA Fee Increases

By
Mortgage Banker with Fairway Independent Mortgage Corp. NMLS ID #68160

As you may know by now,  FHA mortgages are about to get a bit more expensive.

In its announcement, the FHA said it would increase its annual mortgage insurance premium by 0.10 of a percentage point for loans under $625,500, which would now cost 1.25 percent of the loan amount, up from 1.15 percent. That change takes effect on April 1.

The agency also said it planned to raise another fee, known as the upfront mortgage premium, by 0.75 of a percentage point, bringing the premium to 1.75 percent of the loan amount, which can be rolled into the mortgage.

Here is how the new increases will look to the borrower:

 

 

Disclaimer:  HUD has not officially published a HUD Mortgagee Letter reflecting these new policy changes.

 

For more information please contact DOUG CAPPS at (662) 429-5100 ext. 105.  NMLS ID #68160.

  

Fairway Independent Mortgage Corporation, 224 West Commerce St, Hernando, MS 38632 is a "MS and TN Licensed Mortgage Company." NMLS ID #2289. An Equal Housing Lender. All loans are subject to credit approval and compliance with investor guidelines.  Fairway Independent Mortgage Corp is not affiliated with USDA Rural Development.

 

Know your mortgage options

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Topic:
Mortgage / Finance
Location:
Mississippi De Soto County Hernando
Groups:
Mississippi Real Estate Professionals
Tags:
fairway mortgage
fha mortgage

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Anonymous
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Rainmaker
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Gayle Beyer
Port St Lucie FL Real Estate Broker
Welcome Center Realty 772-336-8583, FLA777

I saw this yesterday. I am really confused how in this market they continue to make it difficult for FHA Homebuyers to buy. Prices are going down in our market (slightly) and the homes that need to be moved are more geared to first time home or FHA buyers. I am working w/ a few that if they don't buy now, these increases will hender their current home choices (they think they are having a hard time finding what they want now) to homes I know they will not like.

February 29, 2012 04:14 PM
Anonymous
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Rainmaker
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Doug Capps

MMS, CLO, CRMS
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