- FHA Mortgage Insurance Changes - April 5, 2010
- Closing Cost Assistance From Fannie Mae
- Changes for Consumers
- HUD Mortgage Scam Warning Don't become a victim of mortgage scams!
- Real Savings for Homeowners Tax Credits and Savings, not just on your mortgage.
- Homebuyer Tax Credit Tax Credit ending April 30, 2010
FHA Mortgage Insurance Changes
Hurry for the Best Terms on Your FHA Loan
FHA has changed their requirements for upfront Mortgage Insurance (MI) premiums at closing on purchase and refinance FHA loans. If your FHA loan transaction is started April 5, 2010 or later, FHA will require up to 2.25 percent of the loan amount to be collected at closing instead of the previous 1.75 percent.
What does this mean for your FHA home purchase or refinance?
It means that if you’re considering purchasing or refinancing a home using FHA funds, you will want to move quickly! The savings are significant for contracts initiated before April 5th.The prepayment of MI is not a new requirement, but the amount has changed and it will affect the final amount of the home loan. FHA borrowers and their agents should be aware of this and attempt to have a home under contract and an FHA case number assigned on or before April 5th to avoid the additional cost.For help with this program or any other home financing questions, please contact your Axiom Mortgage Consultant.
OAC. Subject to FHA guidelines, qualifications and pricing changes. All services rendered by Axiom Financial LLC are to assist in providing mortgage loans. Axiom Financial LLC is not a licensed real estate brokerage and offers no advice in real estate services. ©2010 Axiom Financial LLC
