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FHA Mortgage Insurance Increases coming April 1 (aka MIP)

FHA Mortgage Insurance Increases coming April 1 (aka MIP)

HUD announced this week that they will be increasing the MIP rates (aka Mortgage Insurance Premiums) by up to another .10% beginning on April 1 to 1.35% per year for most FHA Loans.   HUD is the US Agency that runs the Federal Housing Administration (FHA), and HUD sets policies for FHA Loans.   They have steadily increased the MIP rates over the past several years in an attempt to bolster their Reserves - so they can handle the foreclosure claims from failed loans.  

Another key element is the new requirement that the Mortgage Insurance Premium will paid for the entire life of the loan.   Currently the MIP can be removed after a minimum of 60 payments and the Loan to Value reaching 78% for most FHA Loans.   But this now becomes a permanent feature of your Monthly FHA Loan Payment. 

So the real question is:   What does this mean to the FHA homebuyer or FHA Home Refinancer? 

  • Since the rates are going up,  you should consider refinancing now.   Get started well prior to April 1 to ensure that we can lock in the lower MIP rates and cancellable MIP for your loan.   
  • If you are looking to purchase a home with a FHA Loan,  be timely to ensure we have enough time to lock in your lower MIP rates (you would have to be in contract on a specific property to do this).
  • Consider Conventional financing options - VanDyk Mortgage offer Conventional loans up to 97% (3% down), 95%  loans for purchase and refinance, and 95% loans with no monthly PMI.  And each of these options offers lower PMI rates when compared to FHA MIP rates

A few quick definitions: 

PMI = Private Mortgage Insurance  (used on Conventional loans)

MIP = Mortgage Insurance Premium  (for FHA Loans)

UFMIP = Upfront Mortgage Insurance Premium (for FHA Loans)

 

Give us a call or apply online to get started.   We can help you find the best option for you. 

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Government Loan Pros- VA FHA USDA FHA Jumbo VA Jumbo 203K

 

We proudly offer a full array of Government Conventional, and Jumbo loan Options including FHAVAUSDAFHA JumboVA Jumbo, VA Refinance, Conventional, JumboVA Condo loans,   FHA 2-4 Unit LoansVA 2-4 Unit Loans, FHA 203K Rehab Loans,  5% down Conventional loans Conventional Condo's OK to 95%,  95% conventional purchase with ZERO Monthly PMI, and more.  

 

Veterans:  We are able to help Veterans with a new home purchase with a VA Loan or VA Jumbo Loan as soon as 2 years after Bankruptcy, Foreclosure, or Short Sale (even sooner if Short Sale involved no late payments).  Call Today - get back into homeownership!  

 

--> VA Loan Limits for 2016.  Learn More - Up to $625,500 with zero money down VA Jumbo Loan 

 

--> VA Loans over the County VA Loan Limit - yes, we allow this:   Read more detail on how to get a VA Loan Over your County VA Loan Limit here  VA Loans up to $1.5M!

 

--> Answers to Common VA Loan Questions - VA FAQ Series

We serve the entire state of California  including: Anaheim,  Antioch,  Bakersfield, Brentwood, Burbank,  Carlsbad,   Chula VistaCorona,  Coronado, Downtown San Diego, EncinitasEscondido, Fallbrook,  Fremont,  FresnoHermosa Beach, Huntington BeachIrvineLong BeachLos Angeles, Marina Del Rey,   Menifee, Monterey, MurrietaOakland, Oakley,  Oceanside,  Ontario,  Pasadena ,  Poway,   Rancho Cucamonga,  Redlands,   Riverside,   Sacramento,        San BernardinoSan DiegoSan FranciscoSan JoseSan MarcosSan MateoSanta Ana,  Santa Clarita,   Santa MonicaTemecula, Torrance, Ventura, Vista, and all other CA Cities and areas.

 

We now serve the entire state of Virginia including Virginia Beach, Norfolk, Chesapeake, Richmond, Newport News, Alexandria, Hampton, Roanoke, Portsmouth, Suffolk, and all other Virginia Cities, Towns and Counties. 

 

We also serve the entire state of  Washington including:  Auburn, Bellevue, Bellingham, Bonney Lake, Bothell, Bremerton, Des Moines, Edmonds, Everett, Federal Way, Ferndale, Issaquah, Kent, Kirkland, Lacey, Lake Stevens, Lynnwood, Mercer Island,  Mill Creek, Monroe,  Montlake Terrace, Mt Vernon, Mukilteo, Olympia, Puyallup, Redmond, Renton, Seatac, Seattle, Silver Lake, Snohomish, Spokane, Sumner, Tacoma, Tumwater, Vancouver, Wenatchee, Woodinville, Yakima and all other WA cities and towns. 

 

We also serve Colorado, GeorgiaMassachusetts, Michigan, Mississippi,  Indiana, Tennessee, Texas, and Wyoming Homebuyers and Homeowners.  

 

VA Loan Limits 2016     FHA Loan Limits 2016     Conforming Loan Limits 2016

All information is subject to change without notice.

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VanDyk Mortgage is a private company specializing in FHA & VA financing,  VanDyk Mortgage Corp is not a government agency. Corp 2449 Camelot Ct SE, Grand Rapids, MI 49546 

 

Branch address  310 Via Vera Cruz, ste 210 & 211, San Marcos, CA  92078  760-752-4480 direct

NMLS ID:  3035 - VanDyk Mortgage Corp   NMLS ID  220268  

Brian Skaar - Loan Originator / Branch Manager   

 

NY Disclosure:  Website authorization has not been approved by teh New York State Department of Financial Services.   Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site. 

 

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Comment balloon 0 commentsBrian Skaar • February 02 2013 01:42PM
FHA Mortgage Insurance Increases coming April 1 (aka MIP)
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FHA Mortgage Insurance Increases coming April 1 (aka MIP) HUD announced this week that they will be increasing the MIP rates (aka Mortgage Insurance Premiums) by up to another 10% beginning on April 1 to 1. 35% per year for most FHA Loans. … more