I wanted you to know that FHA is changing their Mortgage Insurance again.
Here are the 7 things you need to know about these changes:
1. These changes are effective April 18th, 2011.
2. The Annual Insurance Premium will increase .25% for standard forward mortgages. The Upfront Mortgage Insurance remains at 1.00%.
3. The Annual Premium is now 1.15% for LTVs GREATER than 95% on 30 year loans.
4. The Annual Premium is now 1.10% for LTVs EQUAL to or LESS than 95% on 30 year loans.
5. The Annual Premium is now .50% for LTVs GREATER than 90% on 15 year loans.
6. The Annual Premium is now .25% for LTVs EQUAL to or LESS than 90% on 15 year loans.
7. Case numbers with no activity for 6 months will automatically be canceled (includes case numbers pulled prior to April 18th, 2011.)
Thanks for reading! …and, have a good day!
Brett
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