Area Code Overlay Coming to Austin

 

           Starting June 1st, 2013, you must include the area code for all calls. After this date, if you don

New FHA Down payment, MIP Requirements for Spring 2013

 

Going forward, the FHA will disallow the removal of MIP throughout the life of a loan, if the loan’s starting loan balance is higher than 90% of its appraised value. This is true for purchases and refinances.

For loans in which the loan-to-value begins at 90 percent or less, mortgage insurance premiums must be paid for 11 years. This change goes into effect June 3, 2013.

Furthermore, the Federal Housing Administration will announce higher down payment requirements for jumbo FHA loans, increasing the minimum from 3.5 percent to 5 percent or more.


Article The Mortgage Reports By Dan Green


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