Inside Lending Bulletin From Theron Wall- FHA Reform ACT of 2010

 

 

visit my website     email me now Theron Wall Branch Manager 3615 Crossings Dr, Suite A Prescott, AZ 86305 Phone: (928) 778-7167 Mobile: (928) 533-7473 Fax: (928) 445-5308 June 24, 2010 Inside Lending Bulletin The Senate is preparing to pass FHA Reform ACT of 2010. It has some good features that will improve mortgage financing; however, it also contains a very concerning mortgage insurance increase proposal that could have detrimental effects on the housing market. The proposed increase of FHA's annual mortgage insurance premium from 0.55% to 1.55% would reduce a homebuyer's purchasing power. Here's why: FHA's current annual premium is 0.55% (up from 0.50% just two months ago in April). A proposed 1.55% annual premium would have huge negative impact. For example, a borrower's monthly mortgage insurance premium on a $250k loan amount would be $115/mo. A 1% increase would raise the monthly mortgage insurance to $323 per month! This bill has been passed by the House and is headed to the Senate for passage. Please click the link below and tell your Senator to say NO! http://www.usa.gov/Contact/Elected.shtml Thanks! This e-mail is an advertisement that was sent to you because of your relationship with Theron Wall. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice or a commitment to lend. Although the material is deemed to be accurate and reliable, there is no guarantee of its accuracy. The material contained in the newsletter is the property of Wallick & Volk Mortgage and cannot be reproduced for any use without prior written consent. Wallick & Volk Mortgage is an Equal Housing Lender. BK 0018295