FHA Mortgage Insurance Premiums Increase on April 18th
On April 18th, the annual mortgage-insurance premium on new FHA loans is set to rise by a quarter of a percentage point on 15 and 30-year mortgages. The move is aimed at replenishing the FHA’s dwindling reserves and meeting a Congressionally mandated two percent reserve threshold.
While a quarter of a point may not seem like a large increase, the chart below illustrates what it will mean for different loan amounts:
Courtesy of Prosperity Mortgage.
A report published by DQ News earlier this month reported that FHA loans represented 37.3 percent of home loans issued in the DC area in February 2011, however, nationally usage fell to its lowest level in 27 months.
See other articles related to: mortgage insurance, fha
This article originally published at https://dc.urbanturf.com/articles/blog/fha_mortgage_insurance_premiums_increase_on_april_18th/3305
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2 Comments
Wow, that really adds up pretty quickly when you move to the upper levels. So glad I locked in my FHA loan today…$175 more a month doesn’t sound like much, but I’d rather spend it (or save it) on myself.
@ Mike
$175 more a month DOES sound like a lot to me. that would be more than a 10% increase on my monthly mortgage payment. And I thought the PMI was high when we closed last year…