Charleston SC Real Etate Blog: Recent FHA Loan Changes
Good afternoon West Ashley Agents. Some of you may have heard about FHA’s recent changes to “bolster” their capital reserves.
Here are some important pieces for you to know:
The annual MIP (mortgage insurance premium) will increase by 0.10 percent. Taking it to 1.25% on most loans.
The upfront MIP will increase by 0.75 percent. Taking it to 1.75%.
This is a change that applies to all lenders.
This takes effect with new case number dates assigned April 1st, 2012 or later.
**Important to April and May closings. Case numbers are tied to property addresses so a ratified contract is our trigger to order the case number. If the customer chooses to get an FHA mortgage, please make sure we have a ratified contract ASAP and prior to April 1st. This will enable your client to potentially take advantage of the “old” and lower priced MI rates.
Below is a link for the full article if you’d like to read it.
http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2012/HUDNo.12-037
Please feel free to call or reply anytime if you have any questions.
Thank you,
Richard Peck
Senior Mortgage Advisor
Walker Jackson Mortgage Corporation
Mount Pleasant, SC
Office : 843-725-6004
Mobile: 843-209-5937
Fax: 866-780-9794
NMLS# 248037
richard.peck@wjmortgage.com
http://www.wjmortgage.com/rpeck
