Urgent! Read this if you are thinking of buying a home.
Posted by Mechelle Miller
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Starting Monday April 18, 2011 FHA is increasing the monthly MIP (mortgage insurance premium) on all FHA loans. The premium on a 3.5 % down payment FHA loan will increase from .9% to 1.15%. This increases the monthly payment for MIP by $20.00 for every $100,000 financed. The only way to avoid the increase is to have a case number assigned to a property prior to April 18. Buyers that are on the fence need to make the move to buy now!
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Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
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