Increase to up front FHA PMI?

[Anonymous]

Wells Fargo told me that there has been an increase to the up front FHA PMI payment (I think that's what it's called - was 1%).  Has anyone heard of that (not listed on FHA site as far as I can see).  If so, what is the new percentage?  Did the monthly .50% change too?

Message Edited by SuzieQuzie on 07-12-2008 07:15 PM

[DallasLoanGuy]

was 1.5%

now it is risk based.

what are your scores? i will look up the new guidelines.

[Anonymous]

Hi Dallas,

WF is using my mid-score (EQ) which at the time they ran the report was 627 - now 636 and it should go up 10-15 points soon after cc statement of 6/19 (so around end of month at the latest).  Thanks.

[DallasLoanGuy]

---

SuzieQuzie wrote:

Hi Dallas,

WF is using my mid-score (EQ) which at the time they ran the report was 627 - now 636 and it should go up 10-15 points soon after cc statement of 6/19 (so around end of month at the latest).  Thanks.

---

1.75% until you get over 640(unless you put more down.

http://www.dallasloanguy.com/FhaLoans.doc <= here is the Mortgagee Letter. Pay close attention. There are 2 matrixes here.... one for 15yr loans and another for 30yr loans.

Does this make sense?!?!?

THIS IS EFFECTIVE MONDAY!!!!!!

[Anonymous]

Thanks Dallas!  This is very helpful.  It also raises both my up front costs and monthly PMI.  What a drag.  Another question I have is why Equifax would remove a credit limit from a credit card I paid off so that now my util is higher which means my score is lower.  They did it between 7/3 and today.  I swear they manually manipulate numbers to purposely supress credit scores. 

Message Edited by SuzieQuzie on 07-12-2008 08:24 PM

[DallasLoanGuy]

---

SuzieQuzie wrote:

Thanks Dallas!  This is very helpful.  It also raises both my up front costs and monthly PMI.  What a drag.  Another question I have is why Equifax would remove a credit limit from a credit card I paid off so that now my util is higher which means my score is lower.  They did it between 7/3 and today.  I swear they manually manipulate numbers to purposely supress credit scores. 

Message Edited by SuzieQuzie on 07-12-2008 08:24 PM

---

maybe the fico warriors will respond.... otherwise, you might start a new post.