The Department of Housing and Urban Development (HUD) has released mortgagee letter 2011-10 announcing an increase in the current Monthly MIP by 25 BPS for all FHA loans; the Up Front MIP will not change from its current 100 BPS.
So on a 30 year FHA loan at 96.5% Loan to Value (max financing), the monthly MIP will increase from its current 90 BPS to 115 BPS (As recently as April 2010, the monthly MIP was 55 BPS...so this represents an ongoing unfavorable movement in the monthly payment).
The change is effective with all FHA case numbers issued on or after April 18, 2011.
Please feel free to call or email with your questions or concerns.
Larry Rufo
610 322 8786
RufoHomeLoans.com
Wednesday, February 16, 2011
Thursday, February 3, 2011
Let's Talk About Mortgage Financing
I'm a mortgage banker located in West Chester, PA (NMLS# 141707), licensed to do business in PA & NJ. With over 15 years of serving repeat borrowers and referral sources, I bring a reputation for honesty, integrity and professionalism. Please call me at 610 322 8786 (mobile) 24/7/365. Or, check my website: RufoHomeLoans.com I look forward to serving your mortgage financing needs.
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