Upfront premium going down……..HOWEVER Monthly premium will have considerable increase!
The FHA’s new mortgage insurance rates are effective for case numbers issued after October 4th. The upfront insurance is going down but the monthly premiums are going up which is going to create an unwelcome payment increase for those who started their shopping at the old rates. To take advantage of the current rates, buyers will need to act now. A case number can be obtained as soon as there is a fully executed purchase agreement. The new upfront premium will be 1.0% but the additional monthly premium for the minimum down payment borrower is going up from .55% to .90%.
Posts Tagged ‘loan’
Foreclosure Prevention Hotline!
Saturday, April 18th, 2009Beware of predators……..many are going through financial struggles and not sure where to turn or what to do and are making poor choices or being taken advantage of.
Please do this first……The Attorneys General’s Office and the Commissioner of Banks have established a hotline for consumers facing foreclosure. Consumers may call the HOPE Hotline toll-free at 888-995-HOPE 24 hours a day, 7 days a week for free counseling on options to avoid foreclosure. The hotline will connect callers with non-profit housing and credit counselors in their local community who can advise the homeowner about various options such as modifying their loan, selling or refinancing their home, or arranging a repayment plan with the lender to satisfy over time any arrearage.