The April 2011 updates from HUD include new guidelines for the monthly portion of the mortgage insurance premium (MIP).
Premiums are going up .25% on all scenarios. For today, we’re comparing the 30 Year vs. 15 Year on a $300,000 home at 5% down.
We’re using Freddie Mac’s PMMS rates from yesterday. They’re actually [...]
One of our defaults in the FHA mortgage calculator is the FHA vs. Conventional comparison.
There’s a substantial difference when you run this comparison at 640 FICO vs. 740 FICO. Using good credit will get the lowest PMI rates without changing the FHA figures.
Current mortgage rates have been generally trending towards the conventional rate being about [...]