When you’re buying a home or thinking of buying one, you’ll need to factor in many costs other than the home loan. If you’re not making a 20 percent down payment, and most people don’t, private mortgage insurance, or PMI, is at the top of the list of costs to consider. Read the rest of this entry »
FHA mortgage insurance costs are going up…again. It is almost like watching the price of stamps constantly creep up. However, postage prices creep up due to inflation, whereas FHA mortgage insurance cost goes up due to waste, inefficiency and massive losses at FHA. Here is a breakdown of the increases: Read the rest of this entry »
Effective April 18th 2011, FHA will increase the Monthly Mortgage Insurance cost, the Up Front Mortgage Insurance Premium will remain the same. Below are the details Read the rest of this entry »
It is now confirmed that FHA is set to change its mortgage insurance on October 4th 2010. There is good news, and bad news. The good news is that the Up Front FHA Mortgage Insurance Premium is being reduced, but the bad news is that the monthly mortgage insurance is going up. Read the rest of this entry »
A long expected shakeup in the way FHA calculates its Mortgage Insurance Premium is expected to take effect on September 7th, 2010. (*UPDATE: I now hear FHA will make these changes on all new FHA loans effective October 4, 2010). I first wrote about this here. Now the proposed changes have taken on a new cost structure. Read the rest of this entry »
