Lock Your FHA Mortgage Rate : FHA Mortgage Insurance Premiums May Rise In Early-2013

Platinum Elite Group wants you to be aware of FHA Mortgage changes for 2013

Article published by The Daily Mortgage Reports – Author Dan Green

Get the whole article here

Recent FHA Mortgage Insurance Premium Changes

The FHA is no stranger to changing MIP rates. Since 2008, the agency has changed its annual mortgage insurance premiums four times.

In 2008, the FHA charged 0.50% in annual MIP to home buyers using 30-year fixed rate mortgages and a 3.5% downpayment. Since then, those rates have climbed.

  • In 2009, the FHA charged 0.55 percent
  • In 2010, the FHA charged 0.90 percent
  • In 2011, the FHA charged 1.10 percent
  • In 2012, the FHA charged 1.25 percent (or 1.50 percent in high-cost areas)

For 2013, the FHA may get the ability to charge 2.05 percent for annual mortgage insurance premiums. This would be the highest annual MIP in FHA history.

In addition, because the Federal Housing Administration Fiscal Solvency Act of 2012 establishes a minimum annual MIP of 0.55%, homeowners currently exempted from FHA mortgage insurance — those using 15-year FHA mortgages with 78% loan-to-value or lower — would no longer be exempted.

Author Dan Green, Daily Mortgage Reports

Below are other related articles for you to be more familiar with this subject…….

2 responses to “Lock Your FHA Mortgage Rate : FHA Mortgage Insurance Premiums May Rise In Early-2013

  1. Pingback: FHA Loan Changes Coming Soon – Including FHA 203k Renovation Loans | Berks County News

  2. Pingback: Lock Your FHA Mortgage Rate : FHA Mortgage Insurance Premiums May Rise In Early-2013 | Platinum Elite Group

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