FHA monthly mortgage insurance premiums are going up for all new FHA case numbers assigned on or after April 1, 2013.
The monthly mortgage insurance premiums are being raised 10 bps on all loans <$625,500 and 5 bps on all mortgages > $625,500.
On a $150,000 loan 10 bps will equal about $12.50 more per month you will pay.
FHA is cancelling the automatic removal of monthly mortgage insurance once your loan to value is <78%.
The following loan to value % is based on at time loan is taken out and how long the monthly mortgage insurance will remain.
15 year <78-90% ltv 11 years
15 year >90% ltv life on the loan
>15 year term <90 % ltv 11 years
>15 year term >90% ltv life of the loan
If you are currently looking to purchase or refinance your Wisconsin mortgage save yourself some money by locking in and having your FHA case number pulled prior to April 1, 2013. The loan doesn’t need to close by April 1st, you just need to have your lender pull an FHA case number by then.
Ron Meyer
(920) 213-0428
www.gsfron.com
rmeyer@gogsf.com
Home of the no appraisal refinance
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Ron Meyer is a Wisconsin licensed Sr. Loan Originator NMLS #222688 with GSF Mortgage Corporation NMLS #1018 located at 300 Patriot Dr. Little Chute, WI 54140 We specialize in financing purchases and refinancing home loan mortgages for all of Wisconsin. As a local lender we pride ourselves on offering quality service before and after your closing. Our underwriting is all done in house, allowing us to have quicker than normal processing time of your loan.
