Mortgage Insurance Cost Increase
For those in the market to buy a home and planning to use FHA financing for the purchase, HUD has announced that effective April 18, 2011, annual mortgage insurance premiums will increase by 0.25%.
Accordingly, by way of example, if the buyer needs to borrow $250,000.00 to purchase a home, their monthly payments will increase by $52.08.
With rates still low, for some people, buying before the rate increase takes effect might make financial sense.
If you require any additional information or assistance, please do not hesitate to contact the real estate lawyers at MacDonald Illig.