FHA announced a big reduction in FHA Mortgage Insurance Premium fees on FHA Streamline refinances for California homeowners who acquired their FHA loan prior to June 1, 2009. This will significantly reduce the cost of an FHA streamline refinance and reduce the overall monthly payment for borrowers who qualify. The reduced FHA streamline mortgage insurance fee/premium’s […]
The Federal Housing Administration (FHA) announced they are increasing the cost of their Up Front Mortgage Insurance Premium (UFMIP) on FHA single family insured mortgage loans from 1.0% to 1.75%. FHA also announced the Annual (paid monthly) monthly insurance premium will increase from 1.15% to 1.25% for loans under $625,500 and up to 1.5% for […]
If buying a home with an FHA loan, or if you have a FHA mortgage now, it’s important you understand WHEN you can get rid of or cancel the FHA monthly mortgage insurance premium (MIP) and then know HOW to cancel the FHA mortgage insurance. Fortunately, FHA mortgage insurance is not permanent if you secured […]
With our elected officials proposal to increase the FHA down payment requirement to 5%, and FHA wanting to increase the monthly mortgage insurance premium to 1.5%, every prospective home buyer should be asking themselves is now a good time to buy and how would these increases affect me? Prospective home buyers often ask me […]
Effective for all FHA case numbers assigned on, or after, April 18, 2011, annual mortgage insurance premiums (MIP) will increase 25 basis points.
In a near-unanimous vote, the House of Representatives gave the FHA power to raise the monthly mortgage insurance premiums it charges to its borrowers.