If you haven't heard, FHA announced on 02-14-11 that is is raising its annual mortgage insurance premium. This "Monthly Mortgage Insurance" change is for primary (owner-occupied), 1 - 4 unit residential properties. "Monthly Mortgage Insurance" or, MMI, is included in your TOTAL house payment.
The Mortgage Insurance Rate for a 30-year fixed rate loan is currently (until 04-17-11) 0.90%for loans greater than 95% of the sales price and will be (as of 04-18-11) 1.15%. Loans at 95% of sales price or less will change from .85% to 1.10%.
This means for every $100,000 that is borrowed, an additional $22.50 per month will be paid. That's an additonal $270 per year.
Do you want to know more? Please contact your loan officer at Equity Loans, LLC or visit us at www.equityloansoregon.com to contact us.
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