Submitted by Deanna Thompson on Sun, 04/17/2011 - 13:49
HUD announced the the FHA Monthly Mortgage Insurance rates will increase for all case numbers issued on April 18, 2011.
The Annual Upfront Premiun will remain the same at 1%. Here is the breakdown on the monthly premiums:
| > 15 years | < = 15 years | ||
| <= 95% LTV | 1.10% | < = 90% LTV | .25% |
| > 95% LTV | 1.15% | > 90% LTV | 50% |
An Example of how this will change your monthly payment on a Phoenix Home Loan is:
| Selling Price | $150,000 |
| Down Payment (3.5%) | $5250 |
| Base Loan Amount | $144,750 |
| .90 factor before 4/18 | $109 |
| 1.15% factor after 4/18 | $134 |
| difference in monthly payment | $25 |
Please call Sun Nations Mortgage, Inc. with any questions or concerns or you can email us sunnations@cox.net
PDF versionAddToAny
Syndicate
