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.

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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

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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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