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A date FHA Buyers need to keep in mind!

 

 

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For those FHA buyers that are monthly payment sensitive (which what buyers aren't today!), keep in mind a deadline in which FHA will make changes that will make your monthly payment go up.

On October 4th, FHA Mortgage Insurance upfront premium and monthly premiums will change. Here is a comparison of the current and future scenarios to help you grasp the difference and how it will effect your monthly payment.

Current FHA Scenario (30 Year Fixed)

-Upfront Premium  2.25%, Monthly Premium .55%

$200,000 Purchase Price

$197,342 Loan Amount
$1,474.90  PITI Payment
$90.27 Monthly Mortgage Insurance Premium

$1,565.17  TOTAL MONTHLY PAYMENT

 

New FHA Scenario (30 year fixed)

-Upfront Premium 1.00%, Monthly Premium .90% (.85% with 5% down)

$200,000 Purchase Price


$194,930 Loan Amount
$1,462.68 PITI Payment
$143.69 Monthly Mortgage Insurance Premium

$1,606.37 TOTAL MONTHLY PAYMENT

 

That means a $41.20 increase in a monthly payment on a $200,000 home.

Call me today for more info or if you want to purchase a home before these changes take place. Again the date is October 4th.

Thank you United Lending for the numbers. Thank you Francesco Marino for the image.

Laura Ivy Blessing blogs about the Austin known and lesser known happenings with a splash of real estate savvy for today's buyers and sellers. Please call her today to consult and advise you through your next real estate transaction.

 

 

Comment balloon 0 commentsLaura Ivy Blessing 512-789-5087 • September 09 2010 04:00PM
A date FHA Buyers need to keep in mind!
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For those FHA buyers that are monthly payment sensitive (which what buyers aren't today! ) keep in mind a deadline in which FHA will make changes that will make your monthly payment go up On October 4th, FHA Mortgage… more