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Attention Indianapolis Home Buyers! FHA Monthly Mortgage Insurance Increasing on 4/18

Attention Indianapolis Home Buyers!  FHA Monthly Mortgage Insurance Increasing on 4/18

Just a reminder that the FHA monthly mortgage insurance premium is increasing on April 18th.  If you are going to use FHA financing and have an Indianapolis area property you're considering purchasing -- don't wait.  Getting an address to a lender so they can pull a case number before the 18th will save you money.  

If you haven't found the "perfect place" yet -- don't dispair.  Yes, your monthly FHA mortgage insurance will be a little higher, but there are other options.  You may want to consider saving a little extra so you can put down an additional 1.5% and use Conventional Financing.

                            New Monthly Mortgage Premiums

   90% LTV            95% LTV                97% LTV

FHA              1.10%               1.10%                     1.15%

Conv              .49%                 .67%                       N/A

(FHA minimum down payment is 3.5%, Conventional minimum down payment is 5%)

Give us a call for more details!

 

Unless otherwise noted, blogs are authored by Tonda or Steve Hoagland

 

 

Comment balloon 0 commentsTonda & Steve Hoagland • April 13 2011 02:23PM
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