FHA Mortgage Insurance to Change 4-1-2012
So that would make FHA Mortgage insurance structure:
UFMIP 1.75% on ALL loans (currently 1%) – This is the amount financed into your loan as upfront mortgage insurance on all FHA mortgages
+”Annual” (paid monthly):
terms > 15 years
LTV > 95: 125 bps
=<95LTV: 120 bps
terms =< 15 years
LTV > 90: 60 bps
=<90LTV: 35 bps
This still leaves the 90% (Loan To Value) 15-year fixed rate as the best of FHA structures. As an average estimated increase to your monthly payment on a $200,000 mortgage will be about $20-$25 per month.
Call now or apply online to get in before the change occurs. Grandfather yourself in!
Ray Williams, Branch Manager, Summit Home Mortgage, Denver
303-779-0591 x101, firstname.lastname@example.org