Kevin Smith on Zillow Kevin R Smith

Wednesday, February 29, 2012

Cost More to do FHA

It appears that hte cost to obtain an FHA loan is going up.


FHA TAKES ADDITIONAL STEPS TO BOLSTER CAPITAL RESERVES
New premium structure will help protect FHA’s MMI fund
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. 



Kevin R Smith, Your HomeSmity

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Kevin R Smith, Broker Associate RE/MAX Center, Phone: 847 231 7618 Kevin@HomeSmity.com

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