Lower FHA Mortgage Insurance Premiums go into Effect

As announced earlier this year, the FHA (Federal Housing Administration) decreased the Yearly Mortgage Insurance Premium on Monday January 26th. There are two components to FHA Mortgage Insurance…the “Up-Front” Premium and the on-going “Yearly Premium”. The Up-Font Premium is 1.75% and this Premium is almost always added to the Loan Balance and therefore “Financed”. At this… Continue reading Lower FHA Mortgage Insurance Premiums go into Effect

FHA Lowers Yearly Mortgage Insurance Premium

The FHA has just announced that it will be lowering the yearly Mortgage Insurance Premium later this month. Currently the Yearly Premium is 1.35%, but the new Premium will be 1/2 of a percent (0.5%) lower at 0.85%. In the wake of the 2008 “Financial / Housing Meltdown” in the U.S., the Federal Housing Administration… Continue reading FHA Lowers Yearly Mortgage Insurance Premium

Differences in Interest Rates – “Manufactured / Mobile Homes” vs. “Stick Built Homes”

One of the most common questions I’m asked is: “Am I going to have to pay a higher Interest Rate because it’s a Mobile Home?”. The short answer is…not really. New Horizon Mortgage Concepts has aligned itself with Lenders that aren’t afraid of Manufactured Homes…and that gets reflected in the Interest Rates. In general, much… Continue reading Differences in Interest Rates – “Manufactured / Mobile Homes” vs. “Stick Built Homes”