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Mortgage insurance fee structure to be changed by FHA

Shared by Sara on Fri Oct 08, 2010 4:15 am
FHA is planning to incorporate certain changes in the mortgage insurance fee structure. There will be changes in the way borrowers pay for the privilege of using government insured, low-down-payment mortgages to buy or refinance a house. It has been noted that although the monthly premium will rise by around 64%, the overall cost of the loan will fall. Source: http://www.latimes.com/business/realestate/la-fi-lew-20101003,0,6220154.story

Community Members Opinion

jerry

Joined: 17 Oct 2005

Moderator
Posts: 2708
Location: MICHIGAN

429.63 Dollars($)

Posted: Fri Oct 08, 2010 4:25 am Post subject:

Thanks for sharing the news, Sara. The Federal Housing Administration is also trimming its upfront premium, to 1% of the loan amount. Earlier, the upfront insurance premium was 2.25%. Thus, most people will have to pay lower monthly payments for the first few years on their loans.

Guest

0.10 Dollars($)

Posted: Mon Oct 11, 2010 1:31 pm Post subject:

THIS WOULD HELP MY FAMILY AND I TO KEEP A ROOF THAT WOULD BE OUR OWN OVER OUR HEADS INSTEAD OF GIVING AWAY THE EQUIVALENT OF OUR ACTUAL MONTHLY MORTGAGE PAYMENT TO A LANDLORD WHOM CAN'T EVEN GUARANTEE US THAT THE RENTAL PROPERTY IS NOT GONNA BE FORECLOSED ON SOON OR IN THE NEAR FUTURE. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant


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