FHA Annual Mortgage Insurance Increasing

Posted on February 15, 2011

Desiree Yuzawa

Desiree Yuzawa

  • Loan Officer | Lic #: MLO-85375
  • Phone: 425.635.4782
  • desireey@legacyg.com
  • clear employee

February 15, 2011

With Mortgagee Letter 11-10, FHA announces an increase to the Annual Mortgage Insurance Premium on standard FHA loan programs and a change that affects case numbers.

Here are the 7 things you need to know about these changes:

1. These changes are effective April 18th, 2011.

2. The Annual Insurance Premium will increase .25% for standard forward mortgages. The Upfront Mortgage Insurance remains at 1.00%.

3. The Annual Premium is now 1.15% for LTVs GREATER than 95% on 30 year loans

4. The Annual Premium is now 1.10% for LTVs EQUAL to or LESS than 95% on 30 year loans

5. The Annual Premium is now .50% for LTVs GREATER than 90% on 15 year loans

6. The Annual Premium is now .25% for LTVs EQUAL to or LESS than 90% on 15 year loans

7. Case numbers with no activity for 6 months will automatically be canceled (includes case numbers pulled prior to April 18th, 2011.

 

Desiree Yuzawa
Loan Originator | MLO -85375
  Direct - 425.635.4782   |  Cell 425.503.3646

11225 SE 6th Street, Building C #110
 Bellevue, WA   98004
 
I look forward to helping you create your Legacy and improve your financial security.
 
The Legacy Group - an employee owned Mortgage Bank with Construction Lending & Capital Company
 

This does not constitute a commitment to lend.  All loans subject to full underwriting approval and satisfactory appraisal.  Program subject to change without notice. Individual(s) listed are employees of Legacy Group Lending, Inc.