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Roy Dawson Team Realestate Pro Blog

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By Roy Dawson | Broker in Dallas, TX

ROY DAWSON TEAM GOOD NEWS FHA FUNDING FEE GOES DOWN FROM 2.5% to a new low of only 1% on Oct 4, 2010. What does this mean


All borrowers who use the FHA Mortgage have to pay a fee of 2.5% of the loan amount which is added to the loan amount. On a typical mortgage amount of $150,000 X 2.5%=$3,750. It will now go to 1% or in this example $1,500 added to the loan amount. This is good news for the consumers. The new rule goes into effect on October 4, 2010.

 

THE DAWSON TEAM

WILLIAM DAVIS REALTY / DFW

17732 PRESTON RD. #100, DALLAS, TEXAS 75252 PH: 972-661-1498 FAX: 972-761-1905

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Comments

By Tom Burris,  Sun Sep 26 2010, 09:23
The monthly MIP nearly doubles.... so over time the loan is more expensive
By Roy Dawson,  Sun Sep 26 2010, 10:09
yea but the average life of a loan is around 7 years, so not bad deal for most!
By Michael Russell,  Tue Nov 30 2010, 18:28
7 years..I haven't seen that stat; N.A.R.?

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