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Wednesday, November 28, 2012

FHA is going to go up in costs

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Earlier today from My friend Rob Christen: And no one should be surprised if the FHA raises its annual mortgage premium to possibly 2.05% - it can do that now. In 2013, HUD will once again raise mortgage insurance premium charges an additional 10 basis points, which will result in a $13 per month increase for the average FHA borrower. New borrowers early next year are likely to be charged slightly higher annual mortgage insurance premiums: 1.35% of the loan balance rather than 1.25% at present. This also is a reason to see about the current PMI/MI coverages as an alternative to the FHA. See some examples here

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