FHA Mortgage Insurance to Increase April 5 2010
Posted by Brian Collins on February 5th, 2010
I thought I would share some recent news concerning the FHA program. Beginning in early April, the upfront mortgage insurance premium (MIP) is being raised from 1.75% of the base loan amount to 2.25%.
If you are considering a purchase or refinance using FHA, now is a good time to start the process and save some money.
The monthly MIP premium is also under consideration by HUD to be raised but nothing has been decided on that as of now. Wisconsin and Florida FHA mortgage rates are still very low at this time but the Fed has stated that it will stop buying mortgage backed securities at the end of March which could cause mortgage rates to rise.
Your local Wisconsin and Florida mortgage banker:
Brian Collins
Toll Free: 877-240-5810 x106
brian.collins@madisonmortgageguys.com
www.madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blogs_brian_collins/
http://www.madisonmortgageguys.com/announcements/FHA_mortgage_insurance_premiums/index.htm
