Important information concerning FHA & USDA Home Loans by Virna Brown of Greenpark Mortgage Corp.
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(Boston, MA) Hello everyone.
2 very important reminder's. Today USDA suspended funding again into 2011. Be sure that if you have targeting any of your clients for this loan, that they are made aware.
Also. FHA changes go into effect October 4th for PMI and upfront premiums.
Effective with all case numbers ordered on or after October 4, 2010. The new premium schedule will be as follows:
100 bps – 1.000% for all FHA forwards loans including streamline refinances
Annual (monthly) premiums
Loans with terms greater than 15 years
Ltv < or = 95% - 85 bps
Ltv > 95% - 90 bps
Loans with terms 15 years or less
Ltv <= 90% - no annual (monthly MI)
LTV > 90% 25 bps
If you have any questions about these changes, please don’t hesitate to contact me.
Sr. Mortgage Consultant- License# 35630
Licensed in MA, RI, NH, CT
Greenpark Mortgage Corporation
140 Gould Street
Needham, MA 02494