{"id":19602,"date":"2013-03-08T15:26:30","date_gmt":"2013-03-08T15:26:30","guid":{"rendered":"http:\/\/203krehabnow.com\/?p=19602"},"modified":"2013-03-08T15:26:30","modified_gmt":"2013-03-08T15:26:30","slug":"fha-makes-changes-to-the-mortgage-insurance-premium","status":"publish","type":"post","link":"https:\/\/dev203k.orbitwebx.com\/dev203k\/fha-makes-changes-to-the-mortgage-insurance-premium\/","title":{"rendered":"FHA Makes Changes to the Mortgage Insurance Premium"},"content":{"rendered":"<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-21077\" title=\"FHA changes mortgage insurance\" src=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/wp-content\/uploads\/2013\/12\/photodune-5350194-reality-change-s-620x372.jpg\" alt=\"\" width=\"620\" height=\"372\" \/><\/p>\n<p>HUD recently announced in <a title=\"HUD\" href=\"http:\/\/portal.hud.gov\/hudportal\/documents\/huddoc?id=13-04ml.pdf\" target=\"_blank\" rel=\"noopener\">Mortgagee Letter 2013-04 <\/a>that any FHA case number issued <strong><span style=\"color: #ff0000;\">on or after April 1, 2013<\/span> <\/strong>will be <span style=\"text-decoration: underline;\">subject to an increased annual mortgage insurance premium<\/span> (MIP) along with a <span style=\"text-decoration: underline;\">new cancellation policy<\/span>.\u00a0 Streamlined refinances where the case number was endorsed on or before May 31, 2009 would be an <strong>exception<\/strong> to this rule.\u00a0 <strong>What this basically means is that now would be the\u00a0 time to act if you are considering an FHA purchase or refinance!<\/strong><\/p>\n<p><em>What you need to know<\/em>\u2026Currently an\u00a0FHA\u00a0borrower that puts down the minimum 3.5% down payment will receive a\u00a0MIP factor\u00a0of 125 bps.\u00a0 Now under the new\u00a0guidelines that same borrower would have an MIP factor of 135 bps. If an FHA borrower puts down 5% the current 120 bps is going up to 130 bps.\u00a0 Does this change effect the FHA 203k rehab loan?\u00a0 And the answer is yes, because that loan product follows the same guidelines.<\/p>\n<p><span style=\"color: #ff0000;\">The<a title=\"Mortgage 101\" href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/mortgage-101\/\"> biggest change <\/a>is the revision in the term of how long the annual MIP is charged<\/span>. Currently with a 3.5% down payment it is being charged for 5 yrs and with 78% equity in the property the MIP would be cancelled.\u00a0 Based on the new guidelines\u00a0the <span style=\"text-decoration: underline;\">Annual MIP will be charged for the\u00a0life of the loan<\/span>.\u00a0 So the only way to get out of the monthly mortgage insurance will be to refinance out of it to a Conventional loan or to sell and move.<\/p>\n<p>There are some\u00a0advantages if the borrower does choose to\u00a0use a <a title=\"Down Payment\" href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/mortgage-101\/mortgage-payments\/\">larger down payment<\/a>.\u00a0 For instance, putting down 10% on a 30 yr term would allow the buyer to have the MIP cancel at 11 yrs into the loan.<\/p>\n<p><strong>Calling all shoppers and potential borrowers<\/strong> &#8211; if you are under contract or have a property address we can pull a case number before March 31st to secure the lower MIP.<\/p>\n<p><strong>Realtors<\/strong> &#8211; Anyone you have shopping now let\u2019s get them under contract so we can get the case numbers pulled before these changes take place!\u00a0 We have to get <span style=\"color: #ff0000;\">case numbers pulled before March 31st<\/span> but the loan does not have to close that quick.<\/p>\n<p>FHA loans still have several<strong> great factors<\/strong> that will help potential homeowners get into homes and stay in those homes: Credit scores as low as 640, Debt to Income up to 54% and a low down payment of 3.5%&#8230;just to name a few.<\/p>\n<p>With all of the changes the questions now become&#8230;W<em>hat will happen to FHA loans?<\/em>\u00a0 <em>Will they still be as popular?\u00a0 Will this change to the term and the premium really deter potential home buyers from using the FHA loan?\u00a0<\/em> Only time will tell\u00a0and regardless of\u00a0the outcome please know\u00a0I&#8217;m here to help with all of your lending needs&#8230;<\/p>\n<p><a title=\"Contact me\" href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/contact\/\">Call me today<\/a> and let&#8217;s talk about the best program for you&#8230;FHA, VA, Conventional loan and Renovation Loans&#8230;I have everything to meet your needs.\u00a0 Don&#8217;t let the clock run out on the changes to the FHA mortgage insurance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>HUD recently announced in Mortgagee Letter 2013-04 that any FHA case number issued on or after April 1, 2013 will be subject to an increased annual mortgage insurance premium (MIP) along with a new cancellation policy.  Streamlined refinances where the case number was endorsed on or before May 31, 2009 would be an exception to this rule.  What this basically means is that now would be the  time to act if you are considering an FHA purchase or refinance!<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[58,74],"tags":[80,154],"class_list":["post-19602","post","type-post","status-publish","format-standard","hentry","category-mortgage","category-mortgage-qualifying","tag-fha","tag-mip"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FHA Makes Changes to the Mortgage Insurance Premium<\/title>\n<meta name=\"description\" content=\"fha changing annual mortgage insurance on april 1, 2013. get fha case number issued before april 1. impacts FHA 203k rehab loan\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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