Tag FHA Mortgage Insurance

Tag FHA Mortgage Insurance

FHA Mortgage Insurance Premium Reduced January 27, 2017

John Thomas January 9, 2017 Tags: ,
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FHA Mortgage Insurance Premium

FHA Mortgage Insurance Premium Reduced January 27, 2017

FHA Mortgage Insurance Premium reduced January 27, 2017 by 0.25% on new FHA Loans.  Monday January 9, 2017 HUD secretary Julian Castro announced FHA will reduce the annual mortgage insurance premium most borrower’s pay by 0.25% for new FHA loans originated on/or after January 27, 2017.  Call 302-703-0727 to apply for a FHA Loan or APPLY ONLINE

2016 marked the fourth consecutive year that the FHA Mutual Mortgage insurance fund has grown and now has sufficient reserves with the capital ratio at 2.32 percent of all insurance in force which is above the 2% requirement.  The drop in mortgage insurance premium comes at a time when consumers are facing higher credit costs as mortgage rates are increasing. Keep Reading...

FHA Mortgage Insurance Premium Dropping January 26, 2015

John Thomas January 10, 2015 Tags: , , ,
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FHA Mortgage Insurance Premium Dropping January 26, 2015

FHA Mortgage Insurance Premium being lowered on all new FHA Case Numbers assigned on or after January 26, 2015 as announced by HUD Secretary Julian Castro on January 8, 2015 per executive order by President Obama.  FHA will reduce the annual mortgage insurance that borrowers will pay by 0.5%.  FHA made this official with the publication of the Mortgagee Letter 2015-01. Call 302-703-0727 to Apply for a FHA Loan or APPLY ONLINE

Below is a table that shows the changes to the annual mortgage insurance premiums for FHA Loans: Keep Reading...

FHA Announces Increase in MI Effective April 9 2012

John Thomas March 2, 2012 Tags: , ,

FHA Announced Increase in MI Effective April 9, 2012

FHA announces it is increasing the upfront mortgage insurance premium and the yearly mortgage insurance premium effective April 9, 2012. The Guideline changes are discussed below in the video by John R. Thomas from Primary Residential Mortgage.  Call 302-703-0727 if you would like more information or to apply for an FHA Loan for the purchase or refinance of home or APPLY ONLINE.

New FHA Mortgage insurance Guidelines Effective April 9, 2012 by John R. Thomas from Primary Residential Mortgage

HUD/FHA is making the following guideline changes effective with FHA case numbers pulled on or after April 9, 2012: Keep Reading...

Delaware FHA Loans – MIP Changes October 4, 2010

John Thomas September 29, 2010 Tags: , ,

It is official: FHA was given authority on September 3, 2010 to change the amount charged to borrowers for both the Up Front Mortgage Insurance Premium and the Annual Mortgage Insurance premiums…and change them they did.

This will impact how you write up a Delaware FHA purchase agreement, as well as any monthly payments you might estimate

The new premium amounts will be effective on all FHA case numbers assigned on or after October 4, 2010 – so if you already have an Delaware FHA transaction in process, you won’t be impacted as long as your loan officer has already pulled an FHA case number, but new FHA clients who come into process on or after October 4th will be subject to the new guidelines. Keep Reading...

FHA Loans – Mortgage Insurance

John Thomas July 26, 2007 Tags: ,

FHA does not fund home loans directly; rather, it provides a guarantee to the mortgage lender against default.  There are two separate fees that HUD collects to provide a level of guarantee coverage to the lender:

  1. Up-front mortgage insurance premiums (UFMIP).
  2. Monthly renewal mortgage insurance (Monthly MI).

The up-front mortgage insurance premium, if required, will be 2.25% of the base loan amount. This can be added directly on top of the base loan amount to determine the total loan amount, regardless of initial loan amount or appraised value. MI can always be added to the maximum base mortgage amount. Keep Reading...