If you’re looking to purchase a home in Colorado, the cost of that loan will increase next month. For the third time in 12 months, the FHA mortgage insurance premium is changing.
Over 1.5 million people have purchased with less than 10% down over the last year. That means those buyers wouldn’t have been able to purchase if it weren’t for the lender guaranty mortgage insurance offers. So how long is mortgage insurance required and what are the steps to remove it from your monthly payment? The answer is different depending on the type of loan.
Beginning with FHA case numbers issued on or after October 4, 2010, the FHA is changing its upfront and annual mortgage insurance premium structures.
In a near-unanimous vote, the House of Representatives gave the FHA power to raise the monthly mortgage insurance premiums it charges to its borrowers.
