Effective on all new FHA loans setup (case numbers ordered) on or after April 18, 2011 the FHA monthly Mortgage Insurance Premium (MIP) will be increasing by 25 basis points. This means that for most FHA transactions (30 year term products and down payments less than 5%) the monthly MIP will be calculated using 1.15% of the base loan amount (currently the monthly MIP factor for these transactions is .90%). For transactions with a 30 year term and down payments of 5% or more the monthly MIP will be calculated using 1.10% of the base loan amount (currently the monthly MIP for these transactions is .85%). 
FSBO MLS Available in Washington State for $185
Tuesday, February 22, 2011
NEW FHA Mortgage Insurance Premium increase
Effective on all new FHA loans setup (case numbers ordered) on or after April 18, 2011 the FHA monthly Mortgage Insurance Premium (MIP) will be increasing by 25 basis points. This means that for most FHA transactions (30 year term products and down payments less than 5%) the monthly MIP will be calculated using 1.15% of the base loan amount (currently the monthly MIP factor for these transactions is .90%). For transactions with a 30 year term and down payments of 5% or more the monthly MIP will be calculated using 1.10% of the base loan amount (currently the monthly MIP for these transactions is .85%). 
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment