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

I am sending this to inform each of you of some changes coming to FHA purchase loans.  As of April 9th FHA is changing their mortgage insurance charges from a 1% upfront fee to 1.7% upfront.  Also, the monthly rate is  increasing by 10 basis points from 1.15% to 1.25%.  These monthly charges are calculated by taking the loan amount and multiplying it by the 1.25% and dividing that figure by 12.  This upfront charge is a substantial change so taking action this week can save borrower a significant amount of money.

In other words, if you're looking at homes, this would be a good week to get serious and see if you can get one under contract this week. You don't have to close, just get a contract accepted so your lender can pull an FHA case number before the deadline.

Happy House Hunting!

 
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2012-07-09 11:38:10
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2012-04-02 10:14:02
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