Mortgage Insurance Premiums 2013

I recently received a helpful email regarding changes to Mortgage Insurance Premiums from Scott Evans, the branch manager of CMG Financial.  CMG Financial is one of the major lenders who successfully fund loans, and do so in an efficient manner and they also proved great customer service for our clients.

I thought I would pass this useful information along to you:

“I have received a lot of emails asking for clarification regarding the FHA Annual MIP increase, so I wanted to reach out and give you a brief run down. The table below shows the previous and the new annual MIP rates by amortization term, base loan amount and LTV ratio. All MIP’s in this table are effective for case numbers assigned on or after April 1, 2013. The increased MI won’t really affect the qualification of your borrowers at this point as it’s only increasing by .5-.10%

However, there are some major changes taking place after June 3, 2013. The table below shows the previous and new effective annual MIP rates for loans with an LTV of less than or equal to 78% and with terms of up to 15 years. The new annual MIP for these loans is effective for case numbers assigned on or after June 3, 2013.

I know this may be confusing but we are here to help you along the way. As always, please feel free to touch base should you have any questions. “

Scott Evans

Branch Manager

Direct: (858) 529-2301

Cell:    (619) 723-7289