FHA increasing UPMI


If you have buyers looking purchase a home soon, or anyone on the fence
about buying sooner than later, let them know that the UPFRONT MORTGAGE
INSURANCE PREMIUM (UMIP) on FHA loans is increasing as of April 5th!
Currently, there is a 1.75% premium added to the base loan amount … As of
April 5th, that will increase to 2.25% on all loans registered beginning
April 5th. 

What does this mean for your buyer?  On a $150,000 base loan amount, the
increase equates to an additional $750 (from $2250 to $3375) financed into
the total loan amount!!

In order for FHA loans to be registered with an FHA case number, they need a
fully executed contract and full loan application.  It can close after that
date, but HAS to be registered by April 4th!!   

And, don’t forget, we have WELCOME HOME FUNDS available for first time home

Courtesy of Kathy Lamb-Union Savings Bank


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