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FHA has just announced that their Monthly Mortgage Insurance will be increasing on all loans on April 18th.  It will be a .25% increase across the board.  This means any loan that has a FHA case number on or after April 18, 2011 will have the new higher monthly mortgage insurance.  Here are the changes: 

30 year    LTV > 95%.  was .90  will be 1.15

30 yr    LTV = or < 95% was .85  will be 1.10

15 yr   LTV > 90%  was .25  will be .50

15 yr   LTV < 90%  was 0  will be .25 

This is not great news, but a change we all need to know about.  This will obviously mean that the  higher monthly mortgage  insurance will increase the payment.  Please remember Mortgage Insurance is Tax deductible for some people thru 2011.  Please call me with any questions. 

 

 

 

David Krichmar 

Mortgage Banker/Broker

Schmidt Mortgage Company

Office:832-689-6012

David.Krichmar@gmail.com

www.DaveYourMortgageGuy.com

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Posted by David Krichmar on February 15th, 2011 10:32 AMPost a Comment (0)
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