FHA Breaking News

www.Floridalowestrates.com

President Obama announced changes to FHA today.

While we prepare for these and will have additional info coming out, we wanted to make sure you had the basics NOW in case you or your clients had questions. The changes are as follow:

April 9, 2012 - All FHA Loans

oThe Annual MIP on all FHA loans will increase by 0.10% to 1.20% or 1.25% based on LTV. That's about $15 per month on the typical FHA loan.
oThe Up Front MIP (UFMIP) will increase from 1.00% to 1.75%. That's about $1,387 more on the typical $185,000 FHA loan. It can still be rolled into the loan amount.
oFHA 15Y Loans with an LTV < 78% will still be exempt from the Annual MIP

June 11, 2012 - Loans over $625,500

oThe Annual MIP on FHA loans over $625,500 will increase an additional .25% (total of 0.35% higher than today)

June 11, 2012 - FHA Streamlines

oIf the FHA loan you're paying off was INSURED by FHA prior to June 1, 2009:
?UFMIP is 0.01% ?Darn near FREE!
?Annual MIP is 0.55%
oIf the FHA loan you're paying off was INSURED by FHA June 1, 2009 or after:
?UFMIP will be 1.75%
?Loans up to $625,500: Annual MIP will be either 1.20% or 1.25% based on LTV
?Loans over $625,500: Annual MIP will be either 1.45% or 1.50% based on LTV

All of these changes are effective based on when the FHA Case Number is assigned to the loan. Big win on FHA Streamlines and our ability to acquire NEW clients. More to come.

President Obama announced changes to FHA today.

While we prepare for these and will have additional info coming out, we wanted to make sure you had the basics NOW in case you or your clients had questions. The changes are as follow:

April 9, 2012 - All FHA Loans

oThe Annual MIP on all FHA loans will increase by 0.10% to 1.20% or 1.25% based on LTV. That's about $15 per month on the typical FHA loan.
oThe Up Front MIP (UFMIP) will increase from 1.00% to 1.75%. That's about $1,387 more on the typical $185,000 FHA loan. It can still be rolled into the loan amount.
oFHA 15Y Loans with an LTV < 78% will still be exempt from the Annual MIP

June 11, 2012 - Loans over $625,500

oThe Annual MIP on FHA loans over $625,500 will increase an additional .25% (total of 0.35% higher than today)

June 11, 2012 - FHA Streamlines

oIf the FHA loan you're paying off was INSURED by FHA prior to June 1, 2009:
?UFMIP is 0.01% ?Darn near FREE!
?Annual MIP is 0.55%
oIf the FHA loan you're paying off was INSURED by FHA June 1, 2009 or after:
?UFMIP will be 1.75%
?Loans up to $625,500: Annual MIP will be either 1.20% or 1.25% based on LTV
?Loans over $625,500: Annual MIP will be either 1.45% or 1.50% based on LTV