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FHA Fees Going Up (and Down)
FHA Fees Going Up (and Down)
FHA Fees Going Up (and Down)
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April 9, 2012 (Chris Moore)

Getting a mortgage loan insured by the Federal Housing Administration (FHA) just got a little more expensive today as new fees designed to help replenish the agency’s depleted reserves kick in today according to the Department of Housing and Urban Development (HUD)

The new fees include a higher upfront insurance premium charge, rising from one percent to 1.75 percent, and an increase of 10 basis points for annual mortgage insurance premiums.

Additionally, on June 1, 2011, the FHA is also raising the annual mortgage insurance premiums for loans over $625,000 an additional 25 basis points.

The FHA projects that the additional fees will contribute over $1 billion to its Mutual Mortgage Insurance (MMI) Fund which has been depleted by the large number of home owners who have defaulted on their mortgages.

However, the 10 basis point increase in the annual insurance premium won’t go into the FHA’s coffers, it’s part of the Temporary Payroll Tax Cut Continuation Act of 2011, the federal government’s way of giving new FHA borrowers the privilege of paying for the one-year reduction in Social Security Payroll taxes.

The good news is current FHA borrowers who took their loans out on or before May 31, 2009, and who wish to refinance their homes through the FHA’s streamline program will get a reduction in their fees.

Beginning June 11, 2012, the FHA will lower its upfront insurance premium to just .01 percent and reduce its annual premium to .55 percent. In order to qualify, borrowers must have made all of their last 12 payments.

Tags: FHA, HUD, mortgage loan, fees, insurance premium, upfront fees, mortgage insurance

Source:
HUD

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NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use
Helpful Tools
Mortgage
Calculator
Estimate your monthly mortgage payment
Auto Loan
Calculator
Determine how much car you can afford before buying
Learn About
Mortgage Loans
Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison
Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates
See today's mortgage rates. Shop, compare and save.

April 9, 2012 (Chris Moore)

Getting a mortgage loan insured by the Federal Housing Administration (FHA) just got a little more expensive today as new fees designed to help replenish the agency’s depleted reserves kick in today according to the Department of Housing and Urban Development (HUD)

The new fees include a higher upfront insurance premium charge, rising from one percent to 1.75 percent, and an increase of 10 basis points for annual mortgage insurance premiums.

Additionally, on June 1, 2011, the FHA is also raising the annual mortgage insurance premiums for loans over $625,000 an additional 25 basis points.

The FHA projects that the additional fees will contribute over $1 billion to its Mutual Mortgage Insurance (MMI) Fund which has been depleted by the large number of home owners who have defaulted on their mortgages.

However, the 10 basis point increase in the annual insurance premium won’t go into the FHA’s coffers, it’s part of the Temporary Payroll Tax Cut Continuation Act of 2011, the federal government’s way of giving new FHA borrowers the privilege of paying for the one-year reduction in Social Security Payroll taxes.

The good news is current FHA borrowers who took their loans out on or before May 31, 2009, and who wish to refinance their homes through the FHA’s streamline program will get a reduction in their fees.

Beginning June 11, 2012, the FHA will lower its upfront insurance premium to just .01 percent and reduce its annual premium to .55 percent. In order to qualify, borrowers must have made all of their last 12 payments.

Tags: FHA, HUD, mortgage loan, fees, insurance premium, upfront fees, mortgage insurance

Source:
HUD

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use
Helpful Tools

April 9, 2012 (Chris Moore)

Getting a mortgage loan insured by the Federal Housing Administration (FHA) just got a little more expensive today as new fees designed to help replenish the agency’s depleted reserves kick in today according to the Department of Housing and Urban Development (HUD)

The new fees include a higher upfront insurance premium charge, rising from one percent to 1.75 percent, and an increase of 10 basis points for annual mortgage insurance premiums.

Additionally, on June 1, 2011, the FHA is also raising the annual mortgage insurance premiums for loans over $625,000 an additional 25 basis points.

The FHA projects that the additional fees will contribute over $1 billion to its Mutual Mortgage Insurance (MMI) Fund which has been depleted by the large number of home owners who have defaulted on their mortgages.

However, the 10 basis point increase in the annual insurance premium won’t go into the FHA’s coffers, it’s part of the Temporary Payroll Tax Cut Continuation Act of 2011, the federal government’s way of giving new FHA borrowers the privilege of paying for the one-year reduction in Social Security Payroll taxes.

The good news is current FHA borrowers who took their loans out on or before May 31, 2009, and who wish to refinance their homes through the FHA’s streamline program will get a reduction in their fees.

Beginning June 11, 2012, the FHA will lower its upfront insurance premium to just .01 percent and reduce its annual premium to .55 percent. In order to qualify, borrowers must have made all of their last 12 payments.

Tags: FHA, HUD, mortgage loan, fees, insurance premium, upfront fees, mortgage insurance

Source:
HUD

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use

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