Manny Alfelor

As most of you probably already know, beginning June 11, 2012, FHA will lower its Upfront Mortgage Insurance Premium (UFMIP) to just .01 percent and reduce its annual premium to .55 percent for certain FHA borrowers. This is great news for those who got an FHA Loan and were endorsed on or before May, 31, 2009. It will be easier to meet the 5% tangible benefit requirement.

FHA also announces changes to the FHA Single Family annual Mortgage Insurance Premium (Annual MIP). The table below shows the new effective annual premium rate by amortization term, base loan amount, and LTV ratio. It also shows the new Annual MIP effective date based on FHA Case Number assignment date:

	Term > 15 Years
Base Loan Amount	LTV	Effective	Annual MIP
Any Amount	≤ 95.00%	April 9, 2012	120 bps
Any Amount	> 95.00%	April 9, 2012	125 bps
	Term ≤ 15 Years with LTV above 78%
Any Amount	≤ 90.00%	April 9, 2012	35 bps
Any Amount	> 90.00%	April 9, 2012	60 bps

FHA is also exercising it's pre-existing staturoty authority to add an additional 25 bps to mortgages with base loan amounts exceeding $625,000. This change is effective for case numbers assigned on or after June 11, 2012. The table below shows the new effective annual premium rates by amortization term, base loan amount and LTV ratio.

	Term > 15 Years
Base Loan Amount	LTV	Effective	Annual MIP
≤ $625,500	≤ 95.00%	June 11, 2012	120 bps
≤ $625,500	> 95.00%	June 11, 2012	125 bps
Above $625,500	≤ 95.00%	June 11, 2012	145 bps
Above $625,500	> 95.00%	June 11, 2012	150 bps
	Term ≤ 15 Years with LTV above 78%
≤ $625,500	≤ 95.00%	June 11, 2012	35 bps
≤ $625,500	> 95.00%	June 11, 2012	60 bps
Above $625,500	≤ 90.00%	June 11, 2012	60 bps
Above $625,500	> 90.00%	June 11, 2012	85 bps

True Direct Lender! Our corporate office is located in Carlsbad. New office in Mission Valley!! In-house Processors, DE Underwriters and Funders. Processing to Funding all Under One Roof! Please call or email me about our loan programs (FNMA, FHA, VA, Jumbo Loans, Conventional up to 95%, Niche Purchase Programs such as 203K and Homepath). True AUS Underwriting Policy. Quick Pre-Approval Process. I am available anytime for you. Don't forget to ask me about our proprietary Marketing System, the OnePlaceCommunity.

About Me

17 years in banking and lending industry. Customer service is always my TOP PRIORITY therefore I am always available for my customers and business partners. My goals are simply to provide the lowest competitive RATES and Efficiently CLOSE YOUR LOANS ON TIME.

True Direct Lender! Our corporate office is located in Carlsbad. New office in Mission Valley!! In-house Processors, DE Underwriters and Funders. Processing to Funding all Under One Roof! Please call or email me about our loan programs (FNMA, FHA, VA, Jumbo Loans, Conventional up to 95%, Niche Purchase Programs such as 203K and Homepath). True AUS Underwriting Policy. Quick Pre-Approval Process. I am available anytime for you. Don't forget to ask me about our proprietary Marketing System, the OnePlaceCommunity.

About Me

17 years in banking and lending industry. Customer service is always my TOP PRIORITY therefore I am always available for my customers and business partners. My goals are simply to provide the lowest competitive RATES and Efficiently CLOSE YOUR LOANS ON TIME.

True Direct Lender! Our corporate office is located in Carlsbad. New office in Mission Valley!! In-house Processors, DE Underwriters and Funders. Processing to Funding all Under One Roof! Please call or email me about our loan programs (FNMA, FHA, VA, Jumbo Loans, Conventional up to 95%, Niche Purchase Programs such as 203K and Homepath). True AUS Underwriting Policy. Quick Pre-Approval Process. I am available anytime for you. Don't forget to ask me about our proprietary Marketing System, the OnePlaceCommunity.

About Me

17 years in banking and lending industry. Customer service is always my TOP PRIORITY therefore I am always available for my customers and business partners. My goals are simply to provide the lowest competitive RATES and Efficiently CLOSE YOUR LOANS ON TIME.

As a reminder, it's a mandatory requirement that carbon monoxide detectors are installed on all homes before a transaction can close escrow, as we are still seeing appraisals coming across without them installed! So make sure this is installed by the seller before the appraiser makes his first trip out there to do the initial appraisal report, otherwise lenders are requiring appraisers to go back out before funding to ensure this was installed! This re-inspection fee can sometimes cost the seller another $150-$200, so this will save everyone time and money and ensure a smoother closing!