Good Morning!
FHA has made it official…
With the passing of H.R. 5981 and the resulting Public Law 111-229, FHA was given authority to change the amount charged to borrowers for both the Up Front and the Annual premiums. These changes as outlined in Mortgagee Letter 2010-28, are effective for all case numbers assigned on or after October 4th, 2010.
Here are the 6 things you need to know about these changes:
1. The Up Front premium is now 1.0 % for all standard FHA programs
2. The Annual premium is now .90% for LTVs GREATER than 95% on 30 year loans
3. The Annual premium is now .85% for LTVs EQUAL to or LESS than 95% on 30 year loans
4. The Annual premium is now .25% for LTVs GREATER than 90% on 15 year loans
5. The Annual premium is now .00% for LTVs EQUAL to or LESS than 90% on 15 year loans
6. These premiums apply to purchases, regular refinances and streamlines
If have questions about how this may affect you – just give me a call or shoot me an email and I’ll be happy to go over it with you.
Have a good day today! …and thanks for reading.
Brett
Do you need cash out of your home, but you don’t want to refinance the…
I wanted to address the two most common questions that I get regarding reverse mortgages……
Do you need cash out of your home, but you don’t want to refinance the…
Would you like to get cash out of your home, but you don't want to…
If you need cash out of your house, but don't want to touch your first…
I wanted to address the two most common questions that I get regarding reverse mortgages……