Yep! It's due to change AGAIN!
All FHA case number assignments made on or after October 1, 2008 and before October 1, 2009 will be charged mortgage insurance upfront and monthly premiums according to the following:
UPFRONT MIP:
Purchase Money Mortgages & Full-Credit Qualifying Refinances: 1.75%
Streamline Refinances: 1.50%
MONTHLY MIP:
Monthly Premium for Loans Greater than 15 years
|
LTV |
Monthly Premium |
|
< 95% |
.50% |
|
>95% |
.55% |
Monthly Premium for Loans Less than or Equal to 15 years
|
LTV |
Monthly Premium |
|
< 90% |
None |
|
>90% |
.25% |
After October 1, 2009, risk based premium pricing will go into effect. However, we don't know what those factors are at this time. (Probably will find out just prior to the change!)
Remember that saying, "If you don't like the weather, stick around and it'll change"?? Seems like that can be modified to "Don't like the rule? Stick around awhile and it'll change"!!
Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.
Ruth Vogt, Branch Manager
Colorado LMB #LMB100023827
Can you do FHA loans in all 50 states?
Please email me and let me know: info@fidelitymutualmortgage.com
www.fidelitymutualmortgage.com