Showing posts with label mortgage insurance. Show all posts
Showing posts with label mortgage insurance. Show all posts
Tuesday, June 15, 2010
6/15/2010 01:35:00 PM | Posted by
Arbor Mortgage
On June 10, the House of Representatives passed the Federal Housing Administration Reform Act (HR 5072) in a practically unanimous vote of 406-4. This law is intended to boost the reserves held by the FHA, which now insures roughly a third of the nation's mortgages.
This vote just finishes what was started back in April 2010, when the up front mortgage insurance was increased from 1.75% to 2.25%. The passage of the bill allows FHA to increase the annual mortgage insurance premium, which is paid monthly, from .50% or .55% to 1.5% maximum. However, FHA says they only intend to raise it to .9% at this time.
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- Arbor Mortgage
- Arbor Mortgage is a Michigan based mortgage lender that has been providing mortgage solutions for more than a decade. Since 1998, Arbor Mortgage has helped more than 20,000 people purchase or refinance their homes. Arbor offers a variety of mortgage programs including FHA, USDA Rural Development, VA, Conventional and Alternative loans.
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