This morning HUD announced a 25 basis point reduction in the annual MIP fee effective for loans with a closing/disbursement date on after January 27, 2017. That takes the fee from 80 to 55 bps for the loan terms of <= $625.5k loan size and <=95% LTV. The new MIP for loans >95% LTV is now 60 bps vs. 85 bps earlier.

This reduction makes FHA even more competitive for first time homebuyers, especially those buyers with lower credit scores.   If you are looking at homebuying this year, this just made it more in reach for many.  Call me today to become pre-approved to buy your first home! 503 581 8100

Please use the following link to view this morning’s HUD notice.



Do you have an FHA mortgage or know someone who does?


Beginning June 11th, FHA is lowering their mortgage insurance premiums significantly for refinances. This could mean a much lower payment if you currently have an FHA mortgage.

How it works:

You simply do a FHA Streamline Refinance. This will allow you to take advantage of the super low interest rates and the lower mortgage insurance premium. With a FHA Streamline there is NO APPRAISAL and NO INCOME VERIFICATION and the costs are very minimal.

The rules:

Your current FHA mortgage must have closed before May, 2009.
You must be current on your mortgage.

If you know anyone who has a FHA mortgage have them call me.
It is an opportunity not to be missed! Call or email me to see if you qualify.
Karen 503 581-8100 or karen@landmarkprofessional.net

FHA Changes Again

Congress has approved the following MI changes for FHA loans. HUD will be issuing the mortgagee letter that implements the following:  Effective with all new FHA loans with case numbers pulled after Sept 7, 2010, the new UFMIP (upfront mortgage insurance premium) is 1% of the loan amount.  The new monthly premium amount goes from a .55 factor to a .85-.90 monthly factor.

To better understand these changes here is an example of the difference between now and after Sept 7.

200,000 purchase price – 3.5% down = 193,000 base loan amount.

Current                            Sept 7, 2010

2.25%=4342.50                1% = 1930   UFMIP

197,342                            194,930  total loan amount

88.46                                   136.71  monthly mortgage insurance

1059.26                              1095.65  New principal, interest and mortgage insurance payment at 4.25%

After Sept 7, 2010, it will be at least $36.39 more expensive for a borrower to purchase a home using FHA financing. 

If you are currently out there looking to buy a home, here is another reason, besides the many already positive reasons,  for homebuying to make a descision and put that offer in.    

For any questions, please call or email me at 503 585 1105 or karen@landmarkmortgage.com .