ATTENTION! THE GOVERNMENT IS INCREASING YOUR COST ON ORIGINATED FHA LOANS
ATTENTION! THE GOVERNMENT IS INCREASING YOUR COST ON ORIGINATED FHA LOANS,
EFFECTIVE APRIL 1, 2013 AND JUNE 3, 2013!!!
FHA recently announced an increase to its annual mortgage insurance premium schedule. The changes go into effect for all FHA loans with case numbers assigned on, or after, April 1, 2013 and June 3, 2013!
What does this mean to you? Simply put, if you originate a loan on, or after April 1, 2013 and June 3, 2013…
- the annual mortgage insurance (MIP) you would normally pay, is going to increase on most FHA loans
- your MIP cancellation policy will increase from the required years from 5 years to 11 years and in some situations, requiring MIP as long as your loan is active
Þ on certain FHA 15 year loans you now pay an annual MIP. Prior to April 1, 2013, these loans were not assessed an annual mortgage insurance premium
Vinson Mortgage wants to help, call now to avoid the increasing Government cost for your loan! We make it Fast & Easy, closing loans in as little as 12 days! Don’t wait and pay more for your loan! Call us first, call us last, it doesn’t matter, Vinson Mortgage has the best rates in town!