Pages

▼

Kentucky USDA Rural Housing Loans : Kentucky 2015 Updated USDA Rural Housing Eligible ...

Kentucky USDA Rural Housing Loans : Kentucky 2015 Updated USDA Rural Housing Eligible ...: Kentucky USDA Rural Development Housing Loan has updated boundaries for eligible areas in Kentucky below: The following Ken...

Kentucky First Time Home Buyer Mortgage Loans: Kentucky First Time Home Buyers Programs for 2015

Kentucky First Time Home Buyer Mortgage Loans: Kentucky First Time Home Buyers Programs for 2015: Kentucky First Time Home Buyers Programs for 2015 Kentucky First Time Home Buyer for 2015  Zero Down Payment 100% Financing  Rest...

NEW LOWER FHA MORTGAGE INSURANCE FOR KENTUCKY HOME BUYERS AND HOMEOWNERS WHO HAVE A FHA MORTGAGE JANUARY 2015




HUD Lowers FHA MIP FOR KENTUCKY FHA MORTGAGE BUYERS 
EFFECTIVE JANUARY 26, 2015




 
U.S. Dept HUD released Mortgagee Letter 15-01 today, which outlines plans to reduce the annual MIP (i.e., monthly MI payment) for certain section 203(b) Kentucky FHA-insured loans with Kentucky  FHA case numbers obtained on or after January 26, 2015.  KENTUCKY FHA MORTGAGE INSURANCE CHANGES 2015 Further details, effective date and action plan are outlined below:  
Effective Date
The reduced annual MIP (i.e., monthly MIP) premiums announced in this ML are effective for eligible Kentucky FHA loans (see below) with a case number issued on or after January 26, 2015.
Streamline Refinances for Kentucky FHA Mortgage Loans
The annual MIP (i.e., monthly MI) rate will remain the same for Streamline Refinances which are refinancing existing Kentucky FHA loans that were endorsed on or before May 31, 2009.  

Purchase and other Refinance transactions for Kentucky FHA Mortgage loans
For other affected loans with case numbers issued on or after January 26, 2015, the annual MIP rate (i.e., monthly MI) will be as follows:





NOTE:  15 YR PREMIUMS ARE REMAINING THE SAME.

 
Up Front MIP (UFMIP)
UFMIP for all FHA transactions remains unchanged at this time.

MI duration

The duration of MI for FHA loans is also unchanged, remaining effective for life of loan for most transactions.

As an example, on a Kentucky FHA loan with a $150k loan amount, the new reduced mortgage insurance premiums  will save the existing FHA Mortgage holder or new Kentucky FHA homebuyer potentially $65 a month, $780 year, and $23,400 over a 30 year term. As you can see, this is a huge savings with the new changes.





Fill out my form!


-- 

Does Obama's Announcement Today About Reducing FHA Premiums Matter?



Apply for a home loan by clicking the link below:It's free and takes less than 5 minutesOr call us at 502-905-3708 for your free application over the phone

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Kentucky USDA Homes for Sale

Louisville Ky Mortgage Lender FHA/VA KHC USDA Kentucky Mortgage: Kentucky USDA Homes for Sale:  LIST OF RURAL HOUSING HOMES FOR SALE IN KENTUCKY BELOW. IF YOU WOULD LIKE TO GET PRE-APPROVED TO BUY ONE, PLEASE CALL OR EMAIL...