1. FHA is increasing the annual Mortgage Insurance Premium (Paid Monthly) for FHA Loans – Effective April 18, 2011
2. The customers/loan must be a REAL DEAL (with a valid property address and sales contract for purchase) for us to order a case number.
3. Example of impact to customer:
a. Today: Loan amount is $200,000.00 currently MIP is .90% = $1800.00 annual /divided by 12 months = $150.00 included in monthly payment for FHA loans.
b. After April 18: Loan amount is $200,000.00 MIP is 1.15% = $2300.00 annual / divided by 12 months =$191.67 $41.67 INCREASE in the customers payment on an FHA loan.
Here is here contact information:
Kelly Romatzke
Home Mortgage Consultant
Wells Fargo Home Mortgage
Direct: 970-263-2408
kelly.romatzke@wellsfargo.com
