FHA Loans Oregon

All new FHA Home Loan case numbers assigned on or after April 5, 2010 will have an increased Up Front Mortgage Insurance Premium (UFMIP). The increase will be from the current 1.75% to 2.25%. On a $200,000 loan in the Eugene/Springfield Oregon area, this is an additional $1,000 cost. By beating this deadline on a purchase you will also qualify for the First Time Home Buyer Tax Credit if eligible.

SUBJECT: Increase in Upfront Premiums for FHA Mortgage Insurance
Effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25 percent. This policy change will increase premiums for purchase money and refinance transactions, including FHA-to-FHA credit-qualifying and non-credit qualifying streamlined refinance transactions.

 

Since UFMIP is financed, that means that on a $200,000 loan, after closing you will owe $204,500 instead of $203,500. So if you have been waiting for that house to come down another $1,000 in price, maybe this increase should be considered before waiting.

Also, if you have been waiting for the rate to fall just a bit more before you took advantage of FHA’s Streamline Refinance program, this increase in premium applies there as well. Now may be the right time for you to get off of the fence and get your application started before this takes effect.

Contact Me

If I can help with pre-approval or getting the loan done for you, give me (Fred Chamberlin) a call at 541-342-7576/541-221-3455 cell or let’s get together at my office, Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. I am always reachable by e-mail.