How much higher will your payments be?

FHA's Monthly Mortgage Insurance Premium is going up starting April 18 2011 to 1.15% ... this could be as much as $30 per month.

Interest Rates are also moving up.

Don't wait as these developments will cost you more money.
  • March 10 2011 - Corona
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Answers (5)

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  • March 28 2011
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It can definitely be higher than $30 per month.  Take a $417,000.

$417,000 @ .90 MI factor (current) $312 per month
$417,000 @ 1.15 MI factory (new) $399 per month.

Get your case numbers ordered now if FHA is your clients only option!  Also be aware that conventional financing is now allowing 5% down with MI and in come case 3% down as long as the area is not on the "distressed market" list.  Alternative PMI options are out there from companies we work with such as Radian, PMI, and MGIC that offer much lower MI factors than FHA.  Options such as "single pay" MI is available which allows clients (or the sellers)  to pay a one time fee to eliminate the monthly MI altogether.  FHA is definitely not the ONLY low down payment option out there although it is excellent for certain scenarios.  Feel free to contact us or ask your current mortgage professional for additional low down payment options.

Best,

The Baker Team
  • March 28 2011
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Yes the MIP did go up by .25% a month so it depends on the loan amount it could be more than the 30 dollars a month. A double whammy when combined with rising rates. Definitely time for buyers to get a move on before rates move up significantly and any other anticipated costs might rise in regards to your loan.
  • March 10 2011
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It is my understanding that the Insurance premium went up .25% which means if you have a 100,000 loan $25,  a $200,000 loan $50,  a 300,000 loan $75 / month.
However this is on homes that close escrow after April 18th 2011 not on existing loans.
  • March 10 2011
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Could be a lot more than $30.00 a month, depending on the loan amount.

Happy funding, Rudi
  • March 10 2011
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