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    (843) 267-2710

Kathy Rukat Smith, REALTORⓇ

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Changes Coming Soon to FHA Loan

Last Updated on March 27, 2021 by Kathy Rukat Smith

Thanks to Scott Tripp with BB&T in Conway, SC for providing this great information about upcoming changes to FHA loans. If you have any questions about the changes, give me a call. 

FHA is making some significant changes to upfront fee and month mortgage insurance premiums effective 9 April.  I’ve summarized below and provided an example of how the change will affect the loan.

 

Currently FHA charges a 1% upfront premium that may be financed and month mortgage insurance of 1.15% of the loan balance.

 

Effective 9 April and after, the upfront premium will be 1.75% & monthly mortgage insurance will be 1.25% of the loan balance. 

 

Example below on a loan of $100,000 at 3.75%

 

Loan amount with upfront fee financed.  Now $101,000.   Will be $101,750.

Monthly mortgage insurance.                 Now $96.79/mo  Will be $105.99/mo.

Principle and interest payment.             Now $467.75/mo Will be $471.22/mo.

 

Posted in: Buyers, Financing, Home Buying Process Tagged: FHA loans

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About

Kathy Rukat Smith with Palmetto Coastal Homes serves all the areas of the Grand Strand.

  • North Myrtle Beach
  • Myrtle Beach
  • Surfside Beach
  • Garden City Beach
  • Murrells Inlet
  • Litchfield Beach
  • Pawleys Island
  • Carolina Forest
  • Conway

 

Kathy Rukat Smith is a resident of Murrells Inlet and loves everything living at the beach has to offer. She has been selling real estate since 2004.

Kathy uses her local real estate knowledge, technical skills, local connections and strong internet presence to exceed your exceptions and help you succeed in the fast-paced Myrtle Beach real estate market.

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Kathy Rukat Smith with

Palmetto Coastal Homes

4214 Mayfair Street, Suite F, Myrtle Beach, SC 29577

(843) 267-2710
Kathy@TeamRukat.com
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