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ALERT: Mortgage Insurance for FHA Loans

March 2, 2012

Right now, FHA has a two tiers of MI:

(1) Up front MI is 1% of loan amount. Which can be added to closing costs, or you can finance it by adding it to the loan amount.

(2) Annual MI is 1.1% of loan amount if your down payment is 5% or more, or 1.15% of loan amount if your down payment is less than 5% (you can go as low as 3.5% down with FHA). These annual fees are paid monthly. The calculation is loan amount x MI rate / 12mo = monthly MI payment.

ALERT – HUD announced mortgage insurance for FHA loans will increase on April 1 and again June 1.

Effective with today’s announcement, the two tiers on FHA MI change are as follows:

(1) Up front MI for loans up $729,750 (EFFECTIVE ON APRIL 1): will be 1.75% of loan amount

(2a) Annual MI for loans up to $729,750 (EFFECTIVE ON APRIL 1): will be 1.2% of loan amount if your down payment is 5% or more, or 1.25% of loan amount if your down payment is less than 5%.

(2b) Annual MI for loans $625,501 to 729,750 (EFFECTIVE ON JUNE 1): will be 1.45% of loan amount if your down payment is 5% or more, or 1.5% of loan amount if your down payment is less than 5%.

 

FOR A FAST PRE-APPROVAL:
http://pmcmortgageloans.com/mortgage_application.php

First, complete a loan application on our website
-Go to http://www.pmcmortgageloans.com
-Click on Apply Now at the top
-Scroll to the middle of the page and Click on 3. Full Application
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