FHA Increasing Mortgage Insurance Rates In April 2012
From the US Department of Housing and Urban Development's website:
"WASHINGTON – As part of ongoing efforts to encourage the return of private capital in the residential mortgage market and strengthen the Federal Housing Administration’s (FHA) Mutual Mortgage Insurance Fund, Acting FHA Commissioner Carol Galante today announced a new premium structure for FHA-insured single family mortgage loans. FHA will increase its annual mortgage insurance premium (MIP) by 0.10 percent for loans under $625,500 and by 0.35 percent for loans above that amount. Upfront premiums (UFMIP) will also increase by 0.75 percent.
These premium changes will impact new loans insured by FHA beginning in April and June of 2012. Details will soon be published in a Mortgagee Letter to FHA-approved lenders..." Read the full article on FHA Mortgage Insurance Premiums.
TRANSLATION: IF YOU WISH TO PURCHASE A HOME USING AN FHA LOAN, HURRY! AFTER APRIL IT WILL COST YOU MORE!
Call The Alan Donald Real Estate Team @ (843) 416-1434 to help you find, negotiate a good deal and close on a home before these changes take effect.