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Tuesday, February 15, 2011

FHA to increase mortgage insurance premiums a quarter of a point

As these fees increases it raises the cost to get a low down payment mortgage.  FHA should end and the private market should fund low down payment loans.
The hike is in response to a congressional mandate that gave the FHA permission to increase premiums and keep its insurance fund liquid. The higher premiums also were outlined in President Obama's 2012 fiscal budget, which estimates the FHA will insure $218 billion in loans during the 2012 fiscal year. The changes will effect loans issued on or after April 18.
Once the change takes place, the monthly insurance premium paid on a 30-year, fixed-rate FHA-insured loan will increase by $33.
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