As of April 18th, 2011 FHA will once again be INCREASING their monthly mortgage insurance premiums.Â
What this will look like in $
Example: $400,000 loan, less than 5% down, 30 year loan
Current monthly Mortgage Insurance: $300
New April 18th monthly Mortgage Insurance : $366.67
That is over a 20% increase!
That is an additional $800 per year in this scenario.
I would strongly suggest you
1) Â Get qualified under upcoming changes and explore other loan programs
2) Â Â get serious now.Â Â You will need to be in contract prior to April 18th to avoid these changes.
Questions:Â Jennifer Ready email@example.com