As of April 18, 2011 FHA will institute a new Monthly PMI Calculation for all FHA numbers assigned after that date. The new calculation will increase from .9% to 1.15%. Example: for a purchase price of $200,000 the monthly mortgage insurance currently would be $143.78. For all FHA numbers assigned after 4/18 the same $200,000 purchase price will have a monthly mortgage insurance cost of $183.72. Let me know if you have any questions or concerns.
Other news: Rates are holding steady since they increaed into the high 4’s and low 5’s. See below.
Rates for 1-17-2010
30 Year Fixed Conventional
5.125% – 0 pts
15 Year Fixed Conventional
4.375% – 0 pts
30 Year FHA
4.875% – 0 pts
v All rates based on purchase financing. Call for details on refinances.
v Conventional rates are based on 30 day locks with mid credit scores > 760.
v FHA rates are based on 30 day locks with mid credit scores > 660.
v Call for more information for clients with credit scores below the scores listed above.
30 year PHFA (Penna. Housing Finance Agency)
4.375% – 30 year – NEW Construction
5.375% – 30 year – Existing Homes