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2012-02-29 11:21:54
Mortgage insurance premiums on the rise again…

I received the following article from one of my lender partners, Adam Campbell, with Academy mortgage. This will be the fourth time this year that mortgage insurance premiums have been raised. If you're wondering how much this could affect you, I've copied Adams comments below:

'HUD made the following announcement today concerning increases to upfront and annual mortgage insurance premiums.   Effective date is not confirmed below, but the rumor is any case #’s pulled on or after April 1,2012 will be subject to these new mortgage insurance premiums (meaning the property would need to be identified prior to April 1 even if closing takes place after April 1). 

 

On a $200,000 property, the changes would increase the monthly mortgage insurance by around $23 per month.  The $5 increase mentioned would be based only on the increase in upfront mortgage insurance. 

 

Another rumor swirling around about potential FHA changes is that HUD is looking to cap seller contributions to 3% (current cap is 6%).  This new rule will probably take effect sometime after the March 26, 2012 deadline for industry comments.'

So from what I understand, this would only affect new borrowers that secure their loan after April 1, 2012. The effect on them should be minimal; certainly not enough of a difference to price somebody out of a home that they wanted that they would otherwise have qualified for.

If you have questions on your existing financing, or are planning on purchasing a home or refinancing, please give me a call. I have some fantastic lender partners in every county throughout the Wasatch front.

 
Blog Archive
2012-07-09 11:38:10
Buyers and Multiple Offers in Real Estate

2012-04-02 10:14:02
FHA mortgage insurance increases

2012-03-14 15:15:40
Moving to Utah...Here's some studies you may find

2012-02-29 11:21:54
Mortgage insurance premiums on the rise again…

2012-01-30 12:10:46
How do I know I'm getting a good price on my home?

2012-01-26 10:20:06
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2011-12-09 13:00:09
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2011-11-04 17:17:50
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2011-10-26 14:36:54
The LAST House A BOOMER will Own!


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