Denver Mortgage Fha Annual Mortgage Insurance Increasing In April – What Does This Mean For You-cashmere mafia

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  • July 23, 2018
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Denver Mortgage: FHA Annual Mortgage Insurance Increasing in April – What Does This Mean For You? As of April 18th 2011 all FHA loans will cost more per month in mortgage insurance. What does this mean for you as a Denver home buyer trying to decide whether or not now is the right time to obtain a FHA loan? HUD continues to increase the cost of FHA loans. On Monday February 14th, HUD announced their decision to further strengthen FHA’s Mutual Mortgage Insurance Fund (MMIF) by increasing the annual mortgage insurance premium by 25 basis points. EXAMPLE: FHA NOW and LATER Using 5% interest rate (this is not a rate quote and to be used for educational purposes only) NOW Purchase Price: $200,000 Down Payment (3.5%): $7000 Principal and Interest: $1046 Taxes: $125 Home Insurance: $65 Mortgage Insurance: $145 Total Monthly Payment: $1380 As of April 18th the mortgage insurance on the above example would increase by $40/month to $185/month. This increase in addition to the increase in October 2010 has raised the cost of FHA mortgage insurance by almost $100 more per month on a $200,000 loan. WHAT THIS MEANS FOR FHA APPROVED CLIENTS You must have a 1) loan application and 2) an executed contract so your mortgage loan officer can pull a FHA case number by Friday April 15th to ensure you are grandfathered into the cheaper FHA annual mortgage insurance. Let’s take a look how FHA .pares to a conventional loan as of April 18th. Remember a conventional loan requires only 5% down payment. This example will be based on a client with 700 minimum credit score. For the below example (to make an apples to apples .parison) a 5% rate was used for both loans. This is not a rate quote (this is for educational purposes only). FHA (as of April 18th) Purchase Price: $200,000 Down Payment (3.5%): $7000 Principal and Interest: $1046 Taxes: $125 Home Insurance: $65 Mortgage Insurance: $185 Total Monthly Payment: $1420 Conventional Purchase Price: $200,000 Down Payment (5%): $10,000 Taxes: $125 Home Insurance: $65 Mortgage Insurance: 149 Total Monthly Payment: $1358 This is bad news – no doubt about it. It’s a great incentive for Denver home buyers who need that extra little push to pursue an FHA loan. To get started, download our   and the  FHA 203k Renovation Loan Report . Once you be.e an approved FHA buyer, you can opt for the  FHA 203k  loan – you can learn about this loan and many more home buyer options in our  Beware! There Is A Storm Of Flood-damaged Cars In Pennsylvania By: Alan Hendricks – Jonas Storm has increased the number of flood-damaged cars in Pennsylvania. Dont just rely on VINCheck. You have to be cautious to stay away from such cars. Tags: Advantages Of Hard Money Loans California! By: GLF – It is essential for you to be familiar with the benefits of hard money loans California so that you can decide whether it is suitable for you or Tags: Speed Up The Auto Loan Process To Avoid Reduction In Credit Score By: Williams Orchard – Have you chosen your dream car? Do not spend months in finding lowest interest rates on auto loan. Finish rate shopping within 45 days to avoid any reduction in your credit score. Tags: Take Loans From Hard Money Lenders Los Angeles For Home Renovation! By: GLF – In case you are looking forward to home renovation and require funds for the same then considering taking loan from hard money lenders Los Angeles can be a good idea. Tags: Reasons To Get Home Equity Loans Nj By: GLF – It is vital and good for you to get the home equity loans NJ. Tags: How To Choose A Reliable Dealer For Buying Your Next Car In Colorado By: Williams Orchard – Among many options to buy a car, dealer is the right one for Colorado car buyers. Choose a reliable dealer for your new car by considering your credit score, car price and several other factors. Tags: Why Opt For Loans Against Shares By: Shaheen Shaikh – In need of instant liquidity for the short term? A better option than selling in an unfavourable market is to opt for loan against shares. Read on. Tags: Term Plans And Fluctuating Insurance Rates By: Shaheen Shaikh – Read on to how term insurance rates are not affected by interest rate fluctuations and why you should go for one? Tags: Are You Eligible For A Home Loan? By: Shaheen Shaikh – You have just started earning, but can you get a home loan? We decode the eligibility criteria for a home loan. Tags: Nj Home Loans: Choosing As Per Your Needs! By: GLF – There is certainly nothing better than .ing home from a long day of work. In case you wish to buy a house then you can look for NJ Home Loans. Tags: 相关的主题文章: