VERY IMPORTANT INFO FOR THOSE SEEKING FHA LOAN THIS MONTH

FHA IS INCREASING FEES FOR LOANS/CASE NUMBERS PULLED ON OR AFTER APRIL 1ST.  READ BELOW: The FHA upfront mortgage insurance premium will increase to 1.75% from 1% of the base home loan amount. This will apply regardless of the term or loan-to-value ratio beginning in April. The annual mortgage insurance premium will increase by 10 basis points for loans under the $625,500 limit beginning April 1 and by 35 bps for home loans above that amount starting in June, the FHA said Monday. Authority for these raises come under the payroll tax cut extension agreed to last fall. The FHA said the changes will boost the Mutual Mortgage Insurance Fund by $1 billion. Find me here: http://brownstoner.staging.wpengine.com/vanessathatcher

vthatcher

in Mortgage 13 years and 2 months ago

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adam_dahill | 13 years and 2 months ago

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No that’s the G-Fee that has been imposed on Fannie/Freddie loans. It basically raised all Fannie/Freddie rates about .125% across the board. The problem with this were for clients with locked loans. If they didn’t close by the rate expiration date the lenders were charging .5pt in addition to the regular extension fees to absorb the G-Fee.

st78n3c | 13 years and 2 months ago

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Is this the same thing? http://www.nytimes.com/2012/03/04/realestate/mortgages-a-hidden-fee-is-set-to-rise.html?_r=1&ref=realestate