Sunday, March 27, 2011

FHA Mortgage Insurance Premiums Going Up

Monthly Mortgage Insurance Premiums (MIP) will increase effective April 18, 2011 and so if you are on the verge of buying a house with a FHA mortgage, consider pulling the trigger and applying for a mortgage by April 17th!  The upfront premium remains unchanged at 1.0% of the base mortgage.  In addition, down payment minimum remains at 3.5% and maximum seller concessions is still allowed at 6% of the purchase price.

For personal advice about buying and selling real estate in the Rochester area, don't hesitate to give me a call at 756-7457.

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