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FHA Mortgage Insurance Increases & What Does FHA Mortgage Insurance Cover?

FHA Mortgage Insurance Increases & What Does FHA Mortgage Insurance Cover?

FHA Mortgage Insurance is increasing again on April 9, 2012.  This increase will impact many buyers, it can take them from qualifying to not qualifying very quickly.

What is Mortgage Insurance and what does it cover?  Mortgage insurance is provided by the Federal Housing Administration, or FHA, it is intended to make buying a home easier for buyers who may not have a lot of money available for a down payment. The FHA is able to do this because it insures the repayment of your loan in the event of your default. Because this removes much of the risk to the lender, FHA loans typically offer the smallest down payment requirements for a mortgage.

Check out the full article here. As always please give me a call if you have any questions or should need any assistance.  If you would like to get pre-qualified please fill out my online application.

Ray Williams, [email protected], 303-779-0591 ext. 101

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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.

Home Mortgage Disclosure Act Notice. The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age and income of applicants and borrowers; and information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s website.

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