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FHA Mortgage Insurance Is on the Rise in the San Francisco Bay Area AGAIN

 

 

Direct Link

http://youtu.be/GRLKjW9jJ3Y
On April 1st the Federal Housing Administration is increasing both upfront and annual premiums for its insured single family loans.  The annual increase will be .10 % to make the annual mortgage insurance premiums 1.25% mandated by the Temporary Payroll Tax Cut Continuation Act of 2011.

But that’s not all! FHA is exercising its authority to raise other fees for the specific purpose of strengthening FHA’s Mutual Mortgage Insurance Fund (MMI).

The upfront premium, which went down in 2010 is going right back up to 1.75%.  A .75% increase from the current 1% premium. This change will happen on all FHA loans regardless of amortization terms. Borrowers WILL still be able to finance this charge

But that’s not all…. June st there will be one last increase of an additional 0.25 percent on FHA-insured loans with principal balances over $625,000 bringing the total hike on “Extended Loan Limit High Balance” FHA to 0.35 percent. 

Acting FHA Commissioner Carol Galante said, “After careful analysis of the market and the health of the MMI fund, we have determined that it is appropriate to increase mortgage insurance premiums in order to help protect our capital reserves and to continue encouraging the return of private capital to the housing market. These modest increases are one of several measures we are taking towards meeting the Congressionally mandated two percent reserve threshold, while allowing FHA to remain a valuable option for low- to moderate-income borrowers.”

FHA estimates that the premium changes will, in the aggregate, add more than $1 billion to the MIF based on the current volume projections through Fiscal 2013. 

For questions on FHA financing Contact Wendy Werdmuller of Team Werdmuller at Wendy@garrick.biz NMLS# 242612 DRE Lic #01826247

 

Related Links

How Long Until You Can Buy Again After Short Sale Foreclosure or Bankruptcy?

http://the-buzzz.com/2012/02/10/how-long-until-you-can-buy-again-after-short-sale-foreclosure-or-bankruptcy-in-alameda-ca/

Guidelines for Buying a 3 to 4 Unit Property Using FHA Financing

http://the-buzzz.com/2012/01/19/guidelines-for-purchasing-a-3-4-unit-property-with-fha-financing-in-alameda-ca/

 

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categories Uncategorized | | March 2, 2012

2 Responses to “FHA Mortgage Insurance Is on the Rise in the San Francisco Bay Area AGAIN”

  1. The-BUZZZ.com » Good news for SOME FHA Homeowners in Alameda, CA – Streamline Mortgage Insurance is Going Down says:
    March 13, 2012 at 2:53 pm

    [...] FHA Mortgage Insurance is on the Rise [...]

  2. Homes in Laguna Niguel says:
    June 4, 2012 at 3:24 pm

    Securing an FHA loan is the most important piece of the home buying puzzle, but still there are a ton of variables that come into play that can affect the FHA. The best advice I can give to any homeowner is to do your research and take the time to find a well educated agent or broker like Garrick Werdmuller, securing a knowledgeable agent will help a lot, simply due to the fact that they’re time consuming and they’re able to assist more homeowners this way.

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