In & Around Kirkwood - Atlanta, GA

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FHA Mortgage Insurance Premium INCREASE on April 18, 2011

FHA Mortgage Insurance Premiums - Changes to FHA Loans in April 2011First time home buyers

The Federal Housing Administration will be increasing the monthly mortgage insurance premium on 30 and 15 year fixed rate mortgages by 25 basis points (pbs), or 0.25% of the total loan value.  

The change takes effect on April 18, 2011.

So what does this mean to you?

If you are in the market to purchase a home this Spring, then try to find your dream home -- and apply for your mortgage -- before April 18th.

If you can't find a home or condo by that time, then the new mortgage insurance premiums will apply to your loan.  The monthly payment increase isn't significant, but I know that when you are trying to buy your first home, every penny counts!

To follow is an example of the increase (based on a $163,000 home purchase): 

  Example of Annual Mortgage Insurance Premium increase on a 30 year term

 

                             Average loan

                            >95 percent LTV

    October 2010

0.90(bps)

          April 2011

          .115(bps)

Sales Price

         $163,000

          $163,000

Minimum Down Payment (3.5%)

              $5,705

                $5,705

Mortgage Amount without UFMIP

          $157,295

           $157,295

FHA Annual MIP (monthly)

                 $118

                   $151

Change in Payment (monthly)

NO CHANGE

                    $ 33

 

If you have any questions about this change, please call us anytime at 404.432.1844.

We would be happy to put you in touch with a qualified, reputable loan officer!

 

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Posted by:  Kerry Lucasse - Atlanta GA Real Estate Agent - The URBANEST Atlanta Real Estate Group  The Urban Nest team is part of Ian Marshall Realty, specializing in Intown Atlanta Real EstateForeclosures and Bungalows & Historic Homes

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Kerry Lucasse  ::  eXp Realty ::  Urban Nest Atlanta Real Estate Group

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Urban Nest Office :: 508 Flat Shoals Ave ::  Atlanta, GA 30316  :: 404-205-8800

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Comment balloon 2 commentsKerry Lucasse • February 22 2011 07:16PM
FHA Mortgage Insurance Premium INCREASE on April 18, 2011
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