Platinum Elite Group wants you to be aware of FHA Mortgage changes for 2013
Article published by The Daily Mortgage Reports – Author Dan Green
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…….
- Big Changes Coming to FHA Loans in April and June (sheltermortgagenv.wordpress.com)
- FHA changes bring increased costs (hsh.com)
- Upcoming Changes to FHA Mortgages (raincityguide.com)
- FHA Looks to Shore Up Finances with New MIP Changes (mortgagenewsdaily.com)