Mortgage Insurance Premiums are set to increase in April. If you have been sitting on the fence about purchasing a home, it is time to move. My name is Jon Widdifield please check out my website to start a home search Jonnyagent.com.
Â Now that we have that out of the way keep on reading. I received email from at least 10 lenders today explaining what is about to happen (read Below). I also had a meeting this week with Mike LaRuffa from Allen Tate's BUILDER. They specialize in selling new homes for the builders.Â He said that they are running out of foreclosed lots to build on and new home prices will most likley increase within the nextÂ year. This on top of the fact thatÂ your paymentÂ will be more if you are doing an FHA loan, make it the time to move. Posted below is one of the emails from my favorite lender Wendy Tull. Call or text me to schedule your home buying consultation. Jon Widdifield 704-763-0059.
Get your buyers off the fence!
FHA has announced the following changesÂ for all case numbers requested on or after April 1, 2012:Â The UFMIP (up front mortgage insurance premium)Â is shooting up to 1.75% from 1% and monthly premiums to rise by .10!
What does this mean?Â
$200,00 purchase price
$1,930 upfront premium rolled into the loan
$184.96 monthly MI premium
Starting April 1st:
$200,000 purchase priceÂ
$3,377.50 upfront premium rolled into the loan
The estimated payment will go up approximately: $22.78 per month.Â This will reduce the buying power of your clients!
Remember, case numbers cannot be ordered without a property address.Â If you have a borrower that is "on the fence", they need to make an offer before this change!Â They can close after April 1st, just send me the executed contract before 4/1/12.
Thank you for consideringÂ New American Mortgage as your preferred lender.Â Peace of mind comes from knowing that you are working with a multi-billion-dollar direct lender.Â NAM has the expertise and technology to find the ideal loan program for your unique needs.Â I amÂ committed to the highest level of customer service.
Please don't hesitate to call with any questions you may have. Â Here is the link for more information.
NMLS# 92606Â North Carolina # I-112521
4401 BARCLAY DOWNS DRIVE
CHARLOTTE, NC 28209
OFC:Â Â 704-602-9940
FAX:Â Â Â 704-837-2751