My New Blog FHA changes coming soon! August 10th, 2010 11:28 AM Big FHA loan changes are coming September 7, 2010. Upfront MIP (Mortgage Insurance Premium) will be reduced to from 2.25% to 1% but monthly mortgage insurance will increase from the current .55% to .85% - .90% based on LTV.These changes will have a negative effect on a borrowers ability to qualify as the higher monthly mortgage insurance will raise the monthly payment and reduce buying power. The monthly mortgage insurance on a $300,000 FHA 30 year fixed loan is currently $137.50. The premium based on the new factors will make this between $212.50 and $225.00 monthly depending on the loan to value ratio. Call me with any questions.  Posted by Dean Simpson on August 10th, 2010 11:28 AMPost a Comment (0) Subscribe to this blog * Name: * Email Address: URL: Comment: Type the characters you see in this picture, click "Submit" when finished.   This helps us prevent automated programs from posting comments and sending spam. * Name: * Email Address: Address: City: State: Zip:   This helps us prevent automated programs from creating bogus contacts and adding them to your contacts database.

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Licensed and Supervised by the Arizona State Banking Department Mortgage Banking License BK-0906322. Licensed by the Department of Corporations under the California Residential Mortgage Lending Act, CRML License 413-0646, Colorado Supervised Lender License # 988552; Florida, Mortgage Lender License # ML0400224; Georgia Residential Mortgage Lender, License # 19613; Idaho Mortgage Lender License # 4043; Maryland Mortgage Lender License # 11855; Nevada Mortgage Banker License # 3488; North Carolina Mortgage Lender License # L-124394; New Mexico, Registered Mortgage Loan Company License # 02080; Oregon, Mortgage Lender License # ML-3238; Tennessee Certificate Registration # 000003929; Texas Mortgage Banker Registration # 83950; Utah License # 5747610-MLCO; Virginia Mortgage Lender License # MC-3220; Washington Consumer Loan License # CL-2914;