MUST READ!! Increase to Monthly M.I. for FHA loans
Read the email below that I received from Mike Osborn with Prime Lending for more details. The important date to note is April 17th. If you lock in a loan on a specific property by this date, your loan will have the current lower monthly mortgage insurance rate. So you just need to be under contract or very close to being under contract on a property by that date.
So if you were debating between buying this year or the next, or even this Spring or Summer, and you only have 3.5% or so to put down, you should definitely take this increase in FHA mortgage insurance into account.
Email from Mike Osborn with Prime Lending:
HUD just announced today that as of April 18th 2011 the annual mortgage insurance premium is going to increase. The current rate is .9%. The new rate will be 1.15%.
This is for all FHA Case Numbers pulled after April 18th. This doesn’t mean that we need to close by then, it means that we need to identify a property for your buyer in my system before April 18th, and then you can still close a couple of months later. I want to be as “tricky” as possible to get your buyer a lower payment.
This means that the portion of a buyers monthly payment that comes from the monthly M.I. will go up about $20.80 per month per $100k borrowed because of this change.
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