FHA update

Posted on March 24, 2010. Filed under: Guidelines, Industry News | Tags: , |

FHA mortgages have two forms of mortgage insurance.  The first is incorporated into the monthly payment that we make each month.  The other is paid as an up front fee at closing (this is typically financed in the mortgage, thereby raising your loan amount). 

Beginning Aril 5th, the Up Front FHA mortgage insurance fee is increasing from 1.75% to 2.25% of the loan amount.  On a mortgage of $300,000 that represents an increase of $1500.  There has been no announcement about a change to the monthly portion but it has been under discussion.

Ask me about an FHA alternative that requires only 2% down in many markets and has NO mortgage insurance.  michael.pfeffer@pncmortgage.com


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