I wanted to let you know that congress has passed another law that will change the FHA loan program.
They are changing the amount of initial and monthly mortgage insurance that gets charged by FHA.
…Here are the current rates: 2.25% up front “funding fee”, and .55% MI is charged monthly.
…Here are the new figures for all FHA case numbers pulled after September 7th 2010: 1.00% up front “funding fee”, and .85% to .90% charged monthly.
The bottom line is your monthly payment for new FHA loans will be a little higher, but the initial MI added to your loan is lower. So, depending on how long you stay in your house this move could actually save you money on the overall MI charged by FHA.
Thanks for reading and have a great day!
Brett
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