Just a friendly reminder of the FHA Mortgage Insurance Changes that are coming up:
For FHA case #s assigned after 3/31/13: (basically Friday 3/29 is the cut off)
The monthly mortgage insurance premium is going from 1.25 to 1.35 for 30yr loans
The monthly mortgage insurance premium is going from .60 to .70 for 15yr loans
For FHA case #s assigned after 6/2/2013 (Basically Friday 5/31 is the cut off)
If over 90% financing, the monthly mortgage insurance is for the life of the loan.
This is for 15 yr. or 30yr loans.
If you have a client that is in contract for a short sale that will close AFTER 3/29, make sure that your lender has pulled an FHA Case# for that client and property. If your client doesn’t have a lender, have them call me right away and I will make sure to get them taken care of.
*** Just as a side note, please remember that I offer a 3% down Conventional loan. If your client qualifies, the Monthly Mortgage Insurance is less than FHA and once the property has 20% Equity, it goes away.
Thank you and have a great day!
Amanda Brown
702-496-7416
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