News for Prescott AZ - AmericanTowns.com

Tuesday, April 19, 2011

What the Heck is MIP Changes?

 

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Theron Wall

Theron Wall
Branch Manager
3615 Crossings Dr, Suite A
Prescott, AZ 86305
Phone: (928) 778-7167
Mobile: (928) 533-7473
Fax: (928) 445-5308

Wallick & Volk Mortgage

April 19, 2011 Inside Lending Bulletin

New FHA Annual (monthly) MIP Increases

These changes were effective April 18, 2011
(for case numbers assigned on or after this date)

  1. The Upfront Mortgage Insurance remains at 1.00%.
  2. The Annual Insurance Premium will increase from .90% to 1.15% for LTV's greater than 95% on 30 yr loans.
  3. The Annual Insurance Premium will increase from .85% to 1.10% for LTV's less than or equal to 95% on 30 yr loans.
  4. The Annual Insurance Premium will increase from .25% to .50% for LTV's greater than 90% on 15 yr loans.
  5. The Annual Insurance Premium will increase from 0% to .25% for LTV's less than or equal to 90% on 15 yr loans.

To read Mortgagee Letter 11-10 in its entirety, click here.

In other words: on a $100,000 FHA 30 year fixed this equals a $21 higher monthly payment for homebuyers.

Please call or email us for more information.


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 NMLS #256412




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