Posted by: Larry Stevens | February 15, 2011

Boise Blog: URGENT FHA ANNOUNCEMENT!

Thanks for visiting my Boise Realtor blog! We’ve got some very important news for home buyers in Idaho! This is not great news, but a change we all need to know about.  This will obviously mean that the  higher monthly mortgage  insurance will increase the payment.

FHA has announced that they will increase the monthly mortgage insurance from the current .90% by .25 or to 1.15%.

This will go into affect for all FHA case numbers that are created AFTER 4/18/2011.
Lets look at the facts:

Currently on a $100,000 loan the monthly MI is $75.00

Beginning April 18th, $100,000 loan amount, the monthly MI will be $95.78, or a increase of $20.78/$100,000.

Link to FHA news release:  http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/11-10ml.pdf

Boise Home buyers sitting on the fence post need to know that although home prices in Idaho may be going down interest rates and now MI rates are going up!
Many insiders in the industry also suspect that the Private Mortgage Insurance companies will follow suit. There really has never been a better time to buy a home than right now! Contact AA REALTORS BOISE today to get started!
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