FHA Mortgage Insurance Premium Dropping January 26, 2015

John Thomas January 10, 2015 Tags: , , ,
featured image

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 an 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 an 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 Update – FHA Announces Increase in MI Effective April 1, 2013

John Thomas February 2, 2013 Tags: , , ,
featured image

In Mortgage Letter dated 01/31/2013, HUD  announced that the Federal Housing Administration (FHA) will increase its annual mortgage insurance premium for most new mortgages by 10 basis points or by 0.10%, and FHA will increase premiums on jumbo mortgages ($625,000 or larger) by 5 basis points or 0.05%.  It will also change the MIP from canceling at 78% LTV to being for the life of the loan on most FHA loans as of June 3, 2013.  You can read the letter at http://portal.hud.gov/hudportal/documents/huddoc?id=13-04ml.pdf Keep Reading...

Delaware FHA Mortgage Insurance Change Official October 4, 2010

John Thomas September 2, 2010 Tags: , ,

FHA MIP Changes Now Official for Delaware Home Owners and Delaware Home Buyers

With the passing of H.R. 5981 and the resulting Public Law 111-229, FHA was given authority to change the amount charged to borrowers for both the Up Front Mortgage Insurance Premium and the Annual Mortgage Insurance premium. These changes that are outlined in Mortgagee Letter 2010-28, are effective for all FHA case numbers assigned on or after October 4th, 2010.

Here are the 6 things you need to know about these changes:

  1. The Up Front premium is now 1.0 % for all standard FHA programs (purchase money mortgages, full credit-qualifying refinances, streamline refinances)
  2. The Annual premium is now .90% for LTVs GREATER than 95% on 30-year loans
  3. The Annual premium is now .85% for LTVs EQUAL to or LESS than 95% on 30-year loans
  4. The Annual premium is now .25% for LTVs GREATER than 90% on 15-year loans
  5. The Annual premium is now .00% for LTVs EQUAL to or LESS than 90% on 15-year loans
  6. These premiums apply to purchases, regular refinances and streamlines

Please note that this new law also gives FHA the authority to raise the Annual premium at will up to 1.5% for LTVs at or below 95% and 1.55% for LTVs more than 95%. Keep Reading...