FHA Mortgages Changing Fees and Terms
Some changes are expected for the FHA terms and conditions. Some of the changes have already took place (increase in PMI) now more changes are expected. Read below and watch the clip to see how the changes affect your mortgage.
We have gathers items to sum up the upcoming FHA changes. Here is Courant example of PMI increase:
How does this price increase stack up to private mortgage insurance? On a $200,000 mortgage, borrowers who put at least five percent down and use private mortgage insurance can save more than $120 per month over FHA. This equates to thousands saved over the life of the loan, with lower monthly mortgage payments and higher equity from closing day forward. Read more..
FHA Insurance Cancellation
Note that FHA insurance guidelines changed FHA purchase and refinance loans.
Free Rate Update brings the FHA Cancellation changes and how they will affect mortgage borrowers.
Effective June 3, 2013, the annual mortgage insurance premium for FHA mortgages will no longer be based on a loan to value criteria of 78%. Cancellation of FHA MIP will be eliminated for loans that have a beginning LTV of 90% or more. For these loans, MIP must be paid for the entire term of the loan, in other words, forever. For loans that have a beginning LTV of 90% or less, the annual mortgage insurance premium will be required for 11 years. See more..
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