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FHA to raise MIP Premium

Starting April 1st, FHA will raise the MIP Premium from 1.0% to 1.75%. This premium is usually financed into the mortgage and is addition to the monthly PMI that is required. While any increase in these difficult times seems counter-productive in helping to re-start the housing sector, since the MIP premium is typically rolled into the loan, the overall impact will be somewhat muted. See example below:

On a typical $200,000 base loan amount, this will result in the borrower paying an additional $7.00 per month in their payment or $2520 over the life of the loan.

Rob Alley, Realtor/Owner of Virginia Real Estate Solutions at RE/MAX Assured Properties
434-220-7133
roballeyrealtor@gmail.com
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    I just take a peek and I discovered your post. I appreciated the effort you've put in your blog. Big thanks and keep sharing.

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  2. Rob AlleyMarch 1, 2012 at 2:56 PM

    Charles - Thank you for the kind words. I will continue to put out information.

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