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FHA Mortgage Insurance to Change 4-1-2012

FHA Mortgage Insurance to Change 4-1-2012

HUD Press Release

So that would make FHA Mortgage insurance structure:

UFMIP 1.75% on ALL loans (currently 1%) – This is the amount financed into your loan as upfront mortgage insurance on all FHA mortgages

+”Annual” (paid monthly):

terms > 15 years

LTV > 95: 125 bps

=<95LTV: 120 bps
terms =< 15 years

LTV > 90: 60 bps

=<90LTV: 35 bps

This still leaves the 90% (Loan To Value) 15-year fixed rate as the best of FHA structures. As an average estimated increase to your monthly payment on a $200,000 mortgage will be about $20-$25 per month.

Call now or apply online to get in before the change occurs. Grandfather yourself in!

Ray Williams, Branch Manager, Summit Home Mortgage, Denver

303-779-0591 x101, [email protected]

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Licensed in Colorado as Maestro LLC (DBA Mortgage Maestro Group) is an Equal Housing Lender.

387 N Corona St #646, Denver, CO 80218.

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Consumers wishing to file a complaint against a company or a residential Mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the Department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

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