FHA Changes and from Motivation to Inspiration



Currently FHA's up front mortgage insurance premium is 2.25% of the loan amount. A $150,000 loans up front mortgage insurance premium would be $3,375. It is customary to finance this amount on top of the intial loan amount. Then there is an annual premium that is remitted on a monthly basis. For the 3.5% down payment program the rate is 55 basis points or one-half of one percent. That equates to $68.75 per month.

Effective on all new case numbers October 4th, the up front mortgage insurance premium goes to 100 basis points or 1%, significant drop. However, the annual premium increases to between 85-90 basis points...almost double. And this monthly amount is calculated in the debt ratio, as the up front premium is not. Bottom line, the increased monthly fee is going to disqualify some borrowers. In the above $150,000 scenario, the monthly premium of $68.75 would go to $112.50...ouch. That is over a 60% INCREASE!

Let's see...and the government says they want to help people buy homes and strengthen the economy  They must still be on the new math thing!


I Offer the Following Home Financing Options

·         Home Path Loans, 3% Down

·         Manufactured Home Loans: FHA & Conventional Financing

·         Investor "Flip" Loans

·         Conventional Loans

·         FHA Loans

·         VA Loans up to $1.5 MILLION!

·         Jumbo Loans

·         Second / Vacation Home Loans

From Motivation to Inspiration

If you are like me, I have spent thousands of dollars and thousands of hours in "motivational" workshops, tapes and books. Only to find out it worked only as long as I was "plugged in" to the workshop, tape or book. Motivation is an outside energy that you get "juiced" by but it lives only as long as the stimulus "out there" is there.

If you desire to find what really inspires you, think for a moment..the longer, deeper the thought process on this, the greater the rewards...think about the quality or guidance you did NOT receive growing up or feel like it is lacking, missing or you didn't get enough of in your life. However you phrase the question such that is works for you is the point. Now take that word or phrase and create a positive action statement. For me, for example, there was very little communication in my life. From this awareness, I created my statement, "I excel and teach others how to communicate powerfully and peacefully". Now THAT inspires me! Inspiration comes from within...I can always, anywhere and at anytime connect with this statement and become inspired.

Now...use your statement as the context of the how and WHY of your business. CAUTION: Doing so may cause increase in business or even a change in professions!

Jim Hostler
Senior Mortgage Loan Consultant

Lenders Direct
a division of Gateway Business Bank

Direct: 928.225.7418
Email: JHostler@elendersdirect.com

Fax: 928.527.7943

NMLS #6410200021



This is not the opinion of Brad Bergamini, Realty Executives Northern Arizona or any of its affiliates.  This post is for informational purpose only and is not guaranteed and does not render as legal advice.  Buying and selling Real Estate in Arizona or Prescott Arizona is a serious task and should be consulted with personally with Realtor or Real Estate Attorney.  Please visit my website for contact information

http://bradbergamini.com or http://everythingprescott.com