How the FHA Increase Will Affect You

HUD just announced that they are increasing the up-front mortgage insurance premium and the annual mortgage insurance premium for FHA loans that have case numbers assigned on or after April 1, 2012.

The up-front MI payment will increase from 1.0% of the loan amount to 1.75% of the loan amount.

The annual MI payment will increase from 1.15% of the loan amount to 1.25% of the loan amount.

Here's how that will affect you:

• For a $100,000 loan, the total mortgage payment will increase by about $13 per month.  
• For a $200,000 loan, the total mortgage payment will increase by about $25 per month.

These are very small increases, and it is very unlikely that they will prevent anyone from being able to qualify for an FHA loan.  So when uninformed people tell you how the government is once again destroying the real estate industry, don't believe it.

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!

Make sure you check out our web site:

www.mtgsupportservices.com

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

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