The upfront MIP is determined by multiplying the base loan amount by the Upfront Premium factor. • The annual MIP is determined by multiplying the base loan amount by the appropriate Annual Premium factor. Since the Annual MIP is collected in monthly installments, divide the resulting number by 12 to obtain the monthly premium. This figure is … [Read more...]
FHA Loans 101
August 27, 2007 By Leave a Comment
What is an FHA mortgage loan? In 1965 the Department of Housing and Urban Development (HUD) was formed. Within HUD operates the Federal Housing Administration (FHA), which has the primary responsibility for administering the government home loan insurance program. This program allows a first time home buyer … [Read more...]
How FHA Could Help Borrowers
August 27, 2007 By 2 Comments
Bush Backs Giving Agency Flexibility to Offer Options For Mortgage Refinancing August 22, 2007; Page A4 WASHINGTON -- As the subprime-mortgage crisis ripples through the broader housing market, the Bush administration is eyeing an often overlooked federal mortgage insurer to help low- and middle-income homeowners avoid foreclosure. President … [Read more...]