It was just last October 8th when the FHA increased the monthly mortgage insurance premium from 0.55% to 0.9% and now on April 18th, 2011, the FHA is hiking the premium again. This time the mortgage insurance premium will increase to 1.15% for 30 year loans with a Loan to Value (LTV) ratio of greater than 95%.
Let’s say you’re buying a $150,000 house which gets you a nice house in Spring Texas and your down payment was 3.5% (the minimum down payment on a FHA loan) and your loan was for 30 years, your monthly mortgage insurance premium will increase $30.16. That’s a 28% increase.
Put another way …. The $30 increase in the FHA monthly mortgage insurance premium just decreased your buying power by $6,000.
How do you avoid the increase in the FHA monthly mortgage insurance premium? You need to be in contract on a Spring Texas home before April 18th. You don’t have to close by April 18th. You only need to be in contract.
Jill was phenomenal during every step of selling my father's home. This process was extremely difficult for me, as... read moreJill was phenomenal during every step of selling my father's home. This process was extremely difficult for me, as my father passed away last year. Jill listened to EVERY story I had, and there were a lot of them! She allowed me to share the memories of the house, which helped me prepare to let it go.She is very knowledgeable in what to and what not to do in regards to getting the home ready to sell, what to tackle during the negotiation process and she made the closing extremely convenient. She was thoughtful enough to place the "sold" sign on the property a week in advance, to allow me time to process it all. Paying constant attention to what is happening around your listing is one of JIll's many strengths. Her goal is to get you the most money for your property, and she has different strategies to that end result. I not only gained a new realtor, but in JIll, I also gained a friend! I will be forever grateful for her through this tough process and I know my Dad would have loved her! "Thanks," will never be enough! read less