Considering an FHA loan to buy or refinance a home? If so you should move fast. HUD has announced new annual FHA mortgage insurance premium (MIP) rates starting April, 2011. This means that the initial payment on FHA mortgages will feel like the note rate has increased .25%. These new monthly premiums are double what they were last year.
New FHA Annual Mortgage Insurance Rates
The following is the table for the new rates
| Transaction Type | LTV | Loan Term | UFMIP | Annual MIP(% รท 12) |
| PurchaseStreamline (All Types) Rate-Term Refinances | <= 95% | > 15 Years | 1.00% | 1.15% |
| > 95% | > 15 Years | 1.10% |
| <= 90% | <= 15 Years | 0.25% |
| >= 90% | <= 15 Years | 0.50% |
This may mean it may be harder to qualify to purchase a home and some FHA Streamline refinances will not make sense.
Apply for an FHA mortgage
If you are thinking of buying your first home or refinancing your current FHA loan with a streamline refinance start by sending a email by clicking here an
email by clicking here.. Paul Cantor (804) 719-1515
