• July 2011
• May 2011
• April 2011
• February 2011
• January 2011
• December 2010
• November 2010
• October 2010
• August 2010
• July 2010

Today, HUD has announced their intention to
Lower the Up Front MIP from 2.25% to 1% AND Increase the Annual (monthly) MIP From .50 – .55% to .85 – .90% depending on LTV
on loan terms greater than 15 years.
 
This is scheduled to be effective for case numbers issued on October 4th, 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.