FHA annual mortgage insurance premium (MIP) will increase effective April 18th 2011

In an effort to increase capital reserves and maintain the stability of the FHA; The   FHA will increase its annual MI premiums by .25% effective 4/18/2011 on all 15 and 30 year loans.  The upfront MIP will remain at 1.0 percent.  The increase could be an additional $30 per month in buyers expenses.

The low downpayment of  3.5% by FHA is still attractive to most buyers. 

So if you are looking to buy a home in Brooklyn now is a good time to get off the fence.

Michele Cadogan

917-861-9166

Fillmore Real Estate

Licensed Real Estate Associate Broker

www.brooklynhomesbymichele.com

Source: hud.gov

About Cadogan's Brooklyn Real Estate Blog

Michele Cadogan is a Brooklyn NY real estate professional . She makes the process of buying, renting and selling real estate in Brooklyn a good experience. A long time Flatbush Brooklyn resident, she has a tremendous appreciation of the borough, its great history and its diverse communities. With a degree in Political Science and Economics she brings a balance perspective to the your real estate experience. Truly a professional in a people oriented business. When looking for a real estate agent in Brooklyn to help you buy or sell a home in Brooklyn , call Michele. Michele Cadogan Fillmore Real Estate Licensed Real Estate Associate Broker 917-861-9166 Your Brooklyn Real Estate Professional
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