FHA MI Premiums change again and how to beat them

4 10 2010

 

Today, Oct 4th, the mortgage insurance premiums for all FHA loans with new case numbers change.  The upfront mortgage insurance dropped from 2.25% to 1.0%, while the monthly mortgage insurance increased from .55% to .9 – .95%.   This change can have a huge impact for you.  For instance,

This is an increase of $48.96 per month on a $225,000 home, which will cost you an extra $6022.08 over the life of the loan.

If you were previously prequalified for a $185K home with FHA financing, after today you would only qualify for a $177K home. 

AMC Mortgage has programs to buy or refinance a home and avoid the monthly mortgage insurance completely.  Depending on credit and equity position, the upfront MI amount could be almost equal to FHA’s new upfront MI, but with no monthly MI.  So you use your money to your benefit, buying the house you want and saving more money in the process.  Please call me for a quote and the most up to date information. 

Thank you!

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