FHA Mortgage Insurance Effective October 1st

By
Mortgage and Lending with Cornerstone Home Lending, Inc. Equal Housing Opportunity. Regulated by the Division of Real Estate. LMB100023827. NMLS257576.

Yep! It's due to change AGAIN!

All FHA case number assignments made on or after October 1, 2008 and before October 1, 2009 will be charged mortgage insurance upfront and monthly premiums according to the following:

UPFRONT MIP: 

Purchase Money Mortgages & Full-Credit Qualifying Refinances: 1.75%

Streamline Refinances: 1.50%

MONTHLY MIP:

Monthly Premium for Loans Greater than 15 years

LTV

Monthly Premium

< 95%

.50%

>95%

.55%

Monthly Premium for Loans Less than or Equal to 15 years

LTV

Monthly Premium

< 90%

None

>90%

.25%

After October 1, 2009, risk based premium pricing will go into effect. However, we don't know what those factors are at this time. (Probably will find out just prior to the change!)

Remember that saying, "If you don't like the weather, stick around and it'll change"?? Seems like that can be modified to "Don't like the rule? Stick around awhile and it'll change"!!

Posted by

Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Cornerstone Home Lending, Inc.

Ruth Vogt Colorado Mortgage Lender Ruth Vogt, Colorado Area Manager

 #LMB100023827, NMLSR# 257576

 Equal Housing Opportunity. 

 Regulated by the Division of Real Estate.

   www.MyLenderOfChoice.com

   rvogt@houseloan.com  303-881-7849.

 

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Rainer
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yanni raz
hml investments - Sherman Oaks, CA

Can you do FHA loans in all 50 states?

Please email me and let me know: info@fidelitymutualmortgage.com

www.fidelitymutualmortgage.com

September 03, 2008 10:39 AM #1
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Rainmaker
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Ruth Vogt

303-395-3884. Apply 24/7 www.MyLenderOfChoice.com
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