FHA will be making changes to its upfront and annual mortgage insurance premium structure. The changes will apply to all new FHA loans issued on or after October 4, 2010.
The changes include:
Annual MIP increases from 0.50% to:
- 0.85% of the amount borrowed with 95% LTV or below
- 0.90% of the amount borrowed with greater than 95% LTV
Upfront MIP decreases from 2.25% to
- 1.00% of the amount borrowed
Example: Using a $200,000 mortgage with 3.5% down payment:
Upfront MIP falls from $4,343 to $1,930
Monthly MIP rises from $82 to $146
To see if you can qualify for a loan for a home in The Spectrum in Gilbert, please call your area expert realtor Leah Hamman (480) 330-6242 who can put you in touch with a knowledgeable lender at no charge.
To view what homes are available in Spectrum, click here:
Spectrum Gilbert AZ Houses for Sale: A Super Investment