Tuesday, March 29, 2011
Sunday, March 20, 2011
FHA Raises Monthly Mortgage Insurance Premiums April 18, 2011
FHA announced on February 14th that it is raising the annual mortgage insurance premiums, also known as the FHA monthly mortgage insurance.
These changes become effective on or after April 18th, 2011. The new change is 25 bps more.
HUD wants to strengthen the FHA’s Mutual Mortgage Insurance Fund, known as the MMIF.
Read the Mortgagee Letter from HUD here
Buy NOW if you're in the market to purchase a home, all FHA case numbers prior to this date won't require the higher insurance rate.
These changes become effective on or after April 18th, 2011. The new change is 25 bps more.
HUD wants to strengthen the FHA’s Mutual Mortgage Insurance Fund, known as the MMIF.
Read the Mortgagee Letter from HUD here
Buy NOW if you're in the market to purchase a home, all FHA case numbers prior to this date won't require the higher insurance rate.
Fannie Mae Pricing Hikes for Conventional Loans in April 2011
New Conventional mortgage changes for April 1, 2011. In most cases, conventional loans will become more expensive. Pricing adjustments will be in the form of points and not to the rate.
The interest rates could actually change if pricing hits are incorporated into the interest rates. It just depends on if you pay the extra costs upfront or take a higher interest rate.
These new pricing changes have to do with the borrower’s credit scores and the percentage of the down payment.
The new pricing hits will be any where from 25 bps to 50 bps. The interest rate could increase any where from 1/8 to 1/4 percent.
What does this mean for you? If you're even slightly considering buying a home, the time is now.
The interest rates could actually change if pricing hits are incorporated into the interest rates. It just depends on if you pay the extra costs upfront or take a higher interest rate.
These new pricing changes have to do with the borrower’s credit scores and the percentage of the down payment.
The new pricing hits will be any where from 25 bps to 50 bps. The interest rate could increase any where from 1/8 to 1/4 percent.
What does this mean for you? If you're even slightly considering buying a home, the time is now.
Thursday, March 10, 2011
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