Interests rates going upUp to the minute communication from AVP – Business Development/Branch Manager of MCS Mortgage Bankers, Inc., Albert Rapoport explains FHA will increase its annual mortgage insurance premium (MIP) by 0.10 percent for loans under $625,500 and by 0.35 percent for loans above that amount.  Upfront premiums (UFMIP) will also increase by 0.75 percent (from 1% of the loan amount to 1.75%). Most of these changes will take place on April 1, 2012. The increase in the annual MI for loans between $625,500 and the jumbo limit will occur on June 1, 2012.

Not all mortgage companies are the same. It matters who you do business with. Experience matters. Skill matters. Put us to the test.
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Albert “Al” Rapoport

NMLS ID# 60865 AVP – Business Development/Branch Manager MCS Mortgage Bankers, Inc.

A BBB Accredited Institution

70 Hudson Street, Ste. 4A Hoboken, New Jersey 07030

Tel:      201-714-2390

Cell:     908-244-8107

Efax:     973-774-7026

Post By Audeliz Angie Perez (160 Posts)

Angie Perez is a NJ Circle of Excellence award winning real estate agent for Weichert, Realtors in Edison. She sells anywhere from 12-25 houses per year on a consistent basis since 2005. Ms. Perez is primarily a buyer's agent on 60% of her real estate sales where she represents rental income investors, first time home buyers & trade up home buyers of 1-4 family homes within specific towns encompassing 4 NJ counties: Union, Essex, Middlesex and Somerset County. Many of Ms. Perez's clients appreciate her ability to negotiate favorable real estate deals for them. Many of her clients commented that her research abilities, her honesty, her knowledge of local market trends and her proficiency to manage multiple real estate transactions from start to close are some of the reasons why she was hired as their agent of choice. Please call, text or email Angie Perez to ask if she lists or sell in your town. If she can not help you, Ms. Perez would be more than happy to help or refer you to someone who can.

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One Response to FHA Financing Is About To Get More Expensive

  1. […] Alex Clavijo, a loan officer with Gateway Funding urges home buyers, home sellers and Realtors alike to call their state housing representative. Clavijo said, “As FHA originator, where FHA financing is my bread and butter, I can tell you that HUD’s ruling reducing seller’s concessions would not be beneficial to first-time home buyers as their biggest obstacle to buying a home tends to be coming up with the down payment money, let alone closing costs.” Angie Perez, Realtor and Broker Salesperson for Weichert Realtors in Edison NJ said, “More than 85% of my sales transactions have some form of seller’s concession, albeit a closing cost credit for unforeseeable home repairs. A reduction to this credit is a blow to the industry given FHA’s recent announcement of Monthly and Upfront Mortgage Insurance Premiums increasing on Apr….” […]

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