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2010-08-14 22:28:39
NEW FHA Changes

There are some changes coming to FHA in September. Upfront mortgage insurance premium will go down from its current 2.25% to 1% however the monthly PMI charge goes up from .55 to .85.

EXAMPLE: $300,000 purchase price with a rate of 4.5%

Existing FHA mortgage insurance New FHA mortgage insurance

UMIP 2.25%- $6,513                 UMIP 1%- $2,895

P/I payment- $1,499.85            P/I payment- $1,481.52

Mortgage Ins. .55%- $135.67     Mortgage Ins. .85%- $207.11

Monthly Total- $1,635.52           Monthly Total- $1,688.63

The net effect is that the buyer’s closing costs will go down, but the monthly mortgage payment will increase. This could potentially reduce the options for which homes are available in a given price range.

 
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2010-08-14 22:28:39
NEW FHA Changes


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