NMLS# 3151

Thursday, March 14, 2013

FHA Insurance Premiums On The Rise- How Does This Affect You?

FHA recently released two new changes that will have a vast effect on monthly insurance premiums (MIP).  If you are thinking about refinancing or a buying a home with an FHA loan you might want to act on it, fast.

When I say fast, I mean within the next 17 days.  The first set of changes will go into effect April 1,2013.

Beginning in April, FHA-backed mortgages will be subject to an MIP increase of 10 basis points annually. The increase applies to all loan terms, including 15-year fixed-rate FHA loans (BPS are basis points, or 1/100th of one percent).  Now I know that may not sound like a lot, but at a time where borrower's are struggling just to make their monthly mortgage payment every little bit helps.

For example, let's say you have a $200,000 loan amount.  With FHA's new guidelines, this would up your monthly payment by almost $17.  Times that number by 12 payments and you are out an extra $200 each and every year.  It's not a huge number, but it's free money back in your pocket if you get your FHA case number pulled before April 1st.

The second set of changes involves the term required to pay on MIP and these changes will take effect June 3, 2013.   MIP will stay on loans that start with an LTV of 90% or higher for the life of the loan.  Yes that's right, for 30 years if you decide to do a standard 30-year fixed.  Also, for loans with an LTV of 90% or less, the new MIP will last 11 years. The current guidelines drop MIP once the loan reaches 78% LTV or after 5 years, whichever is longer.  See the chart below that shows the previous and new duration of annual MIP by amortization term and LTV ratio at origination:

[caption id="" align="aligncenter" width="553" caption="Revision to the Period for Assession Annual MIP"][/caption]

The good news is, it's not too late to avoid these changes and still get the current MIP rates!  Avoid that dent in your wallet and get your FHA home loan or refinance in motion.  Call one of RANLife's licensed representatives today!

59 comments :

  1. When someone writes an article he/she maintains the plan of a user in his/her brain that how
    a user can know it. Thus that's why this paragraph is great. Thanks!

    ReplyDelete
  2. I every time spent my half an hour to read this blog's content all the time along with a cup of coffee.

    ReplyDelete
  3. I am sure this post has touched all the internet viewers, its really really good article on building up new web site.

    ReplyDelete
  4. Helpful info. Blessed myself I recently found your website accidentally, exactly what taken aback why this particular accident did not took place previously! I actually book marked that.

    ReplyDelete
  5. I am really grateful to the holder of this web site who has shared this great piece of writing at at this place.

    ReplyDelete
  6. My brother recommended I might like this web site. He was entirely right.
    This post truly made my day. You cann't imagine simply how much time I had spent for this info! Thanks!

    ReplyDelete
  7. It's challenging to locate knowledgeable people on this topic, but you sound like you know what you are talking about! Thanks

    lululemon

    ReplyDelete
  8. I am curious to find out what blog system you're using? I'm having some small security problems with my latest blog and I'd like to find something more risk-free. Do you have any solutions?

    ReplyDelete
  9. You made some decent points there. I looked on the internet for the issue and identified most people will go together with along with your webpage.

    ReplyDelete
  10. I like it when individuals get together and share ideas.

    Great website, stick with it!

    ReplyDelete
  11. I feel as though I could learn about this for hours, it's absorbing. I don't even need a brew yet.

    ReplyDelete
  12. I have wasted all of the day so far browsing all these posts.
    But this is still more fruitful than yesterday was!. At least I
    will find out something new.

    ReplyDelete
  13. I need to get it all done cus I won't have the opportunity to do it other wise!

    ReplyDelete
  14. Need some extra writing on this - any advice covering anything I might read or what forums I might join?

    ReplyDelete
  15. Bit of a breakdown in communication, nothing wrong with being respectful.

    ReplyDelete
  16. Need some extra content on this - any opinions on
    what I might read or what forums I might join?

    ReplyDelete
  17. ... [Trackback]...

    [...] Read More: blog.ranlife.com/?p=377 [...]...

    ReplyDelete
  18. I'm trying to build a similar site to this myself, there's clearly a lot of work that goes into it.
    Really vibrant community too, which is not easy to get.

    ReplyDelete
  19. Lol I just shared this too. Love it.

    ReplyDelete
  20. I am genuinely wasting all of the day browsing all these posts.
    But this is still more productive than yesterday was!
    . At least I'll find out something new.

    ReplyDelete
  21. I need to get it all done because I won't have the chance to do it other wise!

    ReplyDelete
  22. I've only read a couple of articles but I'm already hooked.

    Need to spend a whole morning going through the sections
    on here.

    ReplyDelete
  23. This paragraph will assist the internet people for creating
    new blog or even a weblog from start to end.

    ReplyDelete
  24. Terms in addition to the conditions include- everyone must be one
    genuine citizen using US. Sure, the companies are earning tons and
    so many money, but is usually coming at legal action
    of those who cannot afford the item.

    ReplyDelete
  25. ... [Trackback]...

    [...] Read More: blog.ranlife.com/?p=377 [...]...

    ReplyDelete
  26. ... [Trackback]...

    [...] Read More Infos here: blog.ranlife.com/?p=377 [...]...

    ReplyDelete
  27. ... [Trackback]...

    [...] Read More Infos here: blog.ranlife.com/?p=377 [...]...

    ReplyDelete
  28. Have been some lenders who will used to seek all sorts of the information.

    These chief advantages with these cash credit are that all the people are approved readily and within
    the least time duration.

    ReplyDelete
  29. ... [Trackback]...

    [...] Read More: blog.ranlife.com/?p=377 [...]...

    ReplyDelete
  30. ... [Trackback]...

    [...] Read More Infos here: blog.ranlife.com/?p=377 [...]...

    ReplyDelete
  31. ... [Trackback]...

    [...] Read More here: blog.ranlife.com/?p=377 [...]...

    ReplyDelete
  32. ... [Trackback]...

    [...] Read More: blog.ranlife.com/?p=377 [...]...

    ReplyDelete
  33. ... [Trackback]...

    [...] Informations on that Topic: blog.ranlife.com/?p=377 [...]...

    ReplyDelete
  34. ... [Trackback]...

    [...] Read More: blog.ranlife.com/?p=377 [...]...

    ReplyDelete
  35. ... [Trackback]...

    [...] Find More Informations here: blog.ranlife.com/?p=377 [...]...

    ReplyDelete
  36. ... [Trackback]...

    [...] Find More Informations here: blog.ranlife.com/?p=377 [...]...

    ReplyDelete
  37. ... [Trackback]...

    [...] There you will find 92522 more Infos: blog.ranlife.com/?p=377 [...]...

    ReplyDelete
  38. ... [Trackback]...

    [...] Read More here: blog.ranlife.com/?p=377 [...]...

    ReplyDelete
  39. Last minute editorials are usually best, the words just pour out onto the screen.

    ReplyDelete
  40. Excellent article. I definitely love this website.
    Stick with it!

    ReplyDelete
  41. personal loans bad creditJune 22, 2013 at 9:15 AM

    I've only seen a few posts but I'm already hooked.
    Need to spend a whole afternoon going through the forums on here.

    ReplyDelete
  42. ... [Trackback]...

    [...] There you will find 40697 more Infos: blog.ranlife.com/?p=377 [...]...

    ReplyDelete
  43. Online Money MakingJune 22, 2013 at 6:58 PM

    ... [Trackback]...

    [...] Read More: blog.ranlife.com/?p=377 [...]...

    ReplyDelete
  44. ... [Trackback]...

    [...] Read More: blog.ranlife.com/?p=377 [...]...

    ReplyDelete
  45. why this inner knowing attracts me to someoneJune 23, 2013 at 3:38 AM

    ... [Trackback]...

    [...] Informations on that Topic: blog.ranlife.com/?p=377 [...]...

    ReplyDelete
  46. Profitable WebsitesJune 23, 2013 at 5:17 PM

    ... [Trackback]...

    [...] Read More here: blog.ranlife.com/?p=377 [...]...

    ReplyDelete
  47. Every weekend i used to visit this web page, as i want
    enjoyment, for the reason that this this site conations truly fastidious funny data too.

    ReplyDelete
  48. unsecured loan adverse creditJune 24, 2013 at 4:26 AM

    Thanks a lot for sharing this with all peeps you really realize what you're talking about! Bookmarked. Kindly also discuss with my site =). We can have a link trade contract among us

    ReplyDelete
  49. Ten Minute PagesJune 24, 2013 at 8:19 AM

    ... [Trackback]...

    [...] Read More here: blog.ranlife.com/?p=377 [...]...

    ReplyDelete
  50. ... [Trackback]...

    [...] There you will find 33196 more Infos: blog.ranlife.com/?p=377 [...]...

    ReplyDelete
  51. ... [Trackback]...

    [...] Read More here: blog.ranlife.com/?p=377 [...]...

    ReplyDelete
  52. Nice post. I was checking continuously this weblog and I
    am impressed! Extremely helpful information specially the ultimate part :
    ) I handle such info a lot. I used to be seeking this particular info
    for a very long time. Thanks and best of luck.

    ReplyDelete
  53. Hi, all is going well here and ofcourse every one is sharing facts, that's genuinely fine, keep up writing.

    ReplyDelete
  54. ... [Trackback]...

    [...] Find More Informations here: blog.ranlife.com/?p=377 [...]...

    ReplyDelete
  55. Normally I do not learn article on blogs,
    however I would like to say that this write-up very forced me to try and do it!
    Your writing taste has been amazed me. Thanks, very great article.

    ReplyDelete
  56. tag heuer replikaJuly 1, 2013 at 7:43 AM

    ... [Trackback]...

    [...] Informations on that Topic: blog.ranlife.com/?p=377 [...]...

    ReplyDelete