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Nick Amaro

FHA Loans Will Cost More....

Tuesday, February 19, 2013 - Article by: Nick Amaro - Intercounty Mortgage Network Corp. - Message

The Federal Housing Administration (FHA ) is revising the time Period for Assessing the Annual Mortgage Insurance Premium (MIP) for FHA Loans effective April 1, 2013.

"For all mortgages regardless of their amortization terms... with less than or equal to 90% Loan To Value (LTV) the annual MIP will be assessed until the end of the mortgage term or for the first 11 years of the mortgage term, whichever occurs first."

"For any mortgage....with an LTV greater than 90%, FHA will assess the annual MIP until the end of the mortgage term or the first 30 years of the term, whichever occurs first."

Previously the MIP was canceled at 78% of LTV and after 5 Years of payments.

FHA is also increasing the annual MIP rates anywhere between 5 to 10 basis point system (bps) on new FHA loans effective June 3rd, 2013.

What does all this mean for the consumer? It means that it will cost thousands of dollars more for an FHA loan.

If you are considering or know someone who is considering a home purchase using a FHA Loan program, ACT FAST, NOW IS THE TIME TO MAKE YOUR MOVE!!!

We at IMN strive for excellent customer service. Give us a call and let us show how we can help you or your customer get the right loan option according to their needs. We will close the loan within 45 days from day of application.

Nicolas Amaro
Intercounty Mortgage Network, Inc
NJ Cell 201 398 3726
FL Cell 786 417 0004
Licensed in both the State of New Jersey and the State of Florida

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