As previously noted in FYI 10-260, FHA has announced changes to both the up-front and annual premiums that will be applied to FHA loans with a case number assignment date on or after October 4, 2010. The FHA Up Front MIP will be reduced; however, the annual MIP premiums will be increased.
These changes will improve the overall end housing payment for loans with a 15-year term, but FHA loans loan terms greater than 15 years will increase. The exact amount may vary slightly based on the loan scenario, but the housing payment for an average 30-year Fixed FHA loan (with a 5% interest rate) will increase approximately $25 on a $100,000 loan amount.
Anyone of these fine loan officers will be able to help you get prequalified and see if FHA is right for you.
Nick Watland
Senior Mortgage Loan Originator
Pinnacle Bank
14287 North 87th Street, Ste. #123
Scottsdale, AZ 85260
(480) 609-0055 Main
(480) 609-8958 Fax
(602) 821-5214 Cell
nwatland@pinnaclebankaz.com
Glen Barnett
FNB / The Platinum Group
Mortgages and Loan Modifications
Direct 480-628-0579
EFax 480-302-5896
Glen@GlenBarnett.com
http://www.glenbarnett.com/
Judi Gustin
Senior Loan Officer
Sun American Mortgage
4140 E Baseline Rd. # 206
Mesa, AZ 85206
(888)863-5245
judi.gustin@sunamerican.com
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