The Department of Housing and Urban Development announced new changes to the mortgage insurance premiums for the federal housing administration‘s reverse mortgage program on Wednesday. For all Home Equity Conversion Mortgages (HECM) with a case number assigned on or after October 4th, 2010, FHA will raise the annual mortgage insurance premium (MIP) charged to borrowers [.]
Trump already suspends Obama-era FHA mortgage insurance cut. The Federal Housing Administration will roll back a cut in mortgage insurance premiums announced just days earlier under outgoing.
It wasn’t a bill and it wasn’t an executive action. The document, called Mortgagee Letter 2017-7, was signed by an FHA executive. And borrowers won’t have to pay more for mortgage insurance. The Obama administration announced Jan. 9 that most FHA.
Obama Announces Cut in federally issued mortgage premiums. Yet even with the reduction, the White House says the FHA expects to increase its reserves by $7 to $10 billion annually as the housing market continues to recover.
The annual FHA mortgage insurance premium is part of the borrower’s monthly mortgage payment. On a $400,000 loan amount, a borrower currently pays a whopping $450 a month in just mortgage insurance premiums (400,000 x 1.35% = 5,000, divided by 12 months).
PIMCO cuts mortgage-backed securities holdings Making Sense of mreits post-dividend cuts. the value of existing mortgage-backed securities goes down. Thus, as mortgage rates have rocketed from 3.5% to 4.5% in just the past few months.
In an effort to make home mortgages more affordable for first-time buyers and lower-income families, President Obama is directing the Federal Housing Administration (FHA), by executive order, to reduce its mortgage insurance premiums by 50 basis points from 1.35% to 0.85%.
FHA mortgage insurance premiums may be going up, but according to the press release, the changes are not severe, adding to about five dollars per month for most new FHA home loans where applicable. The increased mortgage insurance costs are part of the Temporary Payroll Tax Cut Continuation Act of 2011, which requires FHA to increase the annual MIP.
October 5, 2010 – A new law affecting FHA loan mortgage insurance premiums may cause some initial confusion, but once the facts are clearly understood, FHA borrowers can adjust their budgets accordingly. President Obama signed a bill in August of 2010 giving HUD additional flexibility when it comes to mortgage insurance premiums.
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The bill would give the FHA authority to raise annual mortgage insurance premiums – which are paid out by the borrower over the life of the loan – to a maximum 1.5 percent.
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