Today, HUD has announced their intention to Lower the Up Front MIP, AND Increase the Annual (monthly) MIP.
This is scheduled to be effective for case numbers issued on September 7, 2010 pending being signed by our president.
The results of this change is:
Assuming
$100,000 base loan
UFMIP
$101,000 using the new MIP in the mortgage amount
$102,250 using the old MIP in the mortgage amount
Annual MIP
$909.00 ($75.75 Monthly) New Annual MIP based on $101,000
$562.38 ($46.86 Monthly) Old Annual MIP based on $102,250
At 5% 30 years assuming 96.5% LTV
$617.94 New
$595.76 Old
A borrower will need an estimated $75-80 more in monthly income, or $900 more per year to qualify, per $100,000 in loan amount.
With rates also predicted to increase within the next year if you are waiting to buy, from the looks of things to come, the longer you wait the more it’s going to cost you.
Please call me if you have any questions. Thank you.
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