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FHA Insurance Premium Increase Affects Irvine Buyers
The cost of FHA insured loans will rise effective April 18 2011 raising the annual mortgage insurance premium to 1.15 percent for low down payment borrowers. The increase adds about 100 dollars monthly on a 500000 loan and, with minimum five year insurance tenure, can cost buyers about six thousand dollars over five years. Cathy Haney of Irvine explains the guidance and notes that loans with case numbers issued before April 18 2011 can still use the lower premium.
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Irvine
Cathy Haney
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Firstteam