FHA NEWS: Increase in upfront premiums for FHA mortgage insurence on the horizion

Logo of the Federal Housing Administration.
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This just in from HUD:

In an effort to shore up its flailing balance sheet and dwindling capital reserves, the Federal Housing Authority rolled out theses sweeping financial changes.

Effective for case numbers assigned on or after April 5, 2010 FHA will collect an upfront mortgage insurgence premium of 2.25%. The current FHA premium for Bay Area borrower’s is 1.75%. The monthly premiums will remain the same at 55BPS for a loan to value greater than 95% and 50BPS from a loan to value less than 95%.

If your interested in an FHA mortgage and you want the best chance of being approved possible, call or send me an email with some of the specifics of your situation. I work for Vintage Mortgage Group.  We are aligned with the biggest FHA banks with the best pricing plus. That’s what I do for you as your Mortgage Consultant.

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