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Showing posts with label FHA Raising MIP - Borrowers May No Longer Qualify. Show all posts

Wednesday, August 11, 2010

FHA Premium Increases Will Impact Borrowers' Ability to Qualify
(Effective date October 4, 2010)

FHA is raising its annual mortgage insurance premium charges.

A contract must be in place and an FHA case number assigned by September 7 in order to avoid the MIP increase.

What does this mean for borrowers?

Some borrowers may no longer qualify because monthly payment will be increasing.

Example of FHA increase for $200k loan @ 5% - 30 year fixed

.55% Today $204,500 P/I $1098 MI $94 = $1192

.90% 10/4 $202,000 P/I $1083 MI $152 = $1235 (+$43)

1.55% Future $202,000 P/I $1083 MI $261 = $1344 (+$152)

For any FHA borrower who is considering buying, they may be better-able to qualify and will save money if they buy prior to this new rule going into place.

Please call me if you have any questions.