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Private MI Activity Up Despite Concerns About Future
09/28/2012 By: Tory Barringer
The number of borrowers using private mortgage insurance (MI) keeps going up, according to Friday’s monthly statistics release from Mortgage Insurance Companies of America (MICA).
MICA’s member companies – which include Genworth Mortgage Insurance, Mortgage Guaranty Insurance, and Radian Guaranty – reported a total of $397.5 billion in primary insurance in force for August, an increase from $396.4 billion in July.
The total primary insurance in force received a boost from reported month-to-month increases in dollar volume, certificates issued, and applications.
MICA member companies reported a total $11.2 billion volume of new MI written on newly-originated conventional mortgage loans in August, a step up from $10.1 billion in July. Dollar volume on new insurance has risen steadily each month since the start of the year.
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Proprietary OC Housing News home purchase analysis
123 North DAHLIA Dr Anaheim, CA 92801
$399,000 …….. Asking Price
$280,000 ………. Purchase Price
7/30/2012 ………. Purchase Date
$119,000 ………. Gross Gain (Loss)
($22,400) ………… Commissions and Costs at 8%
============================================
$96,600 ………. Net Gain (Loss)
============================================
42.5% ………. Gross Percent Change
34.5% ………. Net Percent Change
232.5% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$399,000 …….. Asking Price
$13,965 ………… 3.5% Down FHA Financing
3.60% …………. Mortgage Interest Rate
30 ……………… Number of Years
$385,035 …….. Mortgage
$100,536 ………. Income Requirement
$1,751 ………… Monthly Mortgage Payment
$346 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$100 ………… Homeowners Insurance at 0.3%
$401 ………… Private Mortgage Insurance
$0 ………… Homeowners Association Fees
============================================
$2,597 ………. Monthly Cash Outlays
($263) ………. Tax Savings
($595) ………. Equity Hidden in Payment
$16 ………….. Lost Income to Down Payment
$120 ………….. Maintenance and Replacement Reserves
============================================
$1,875 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$5,490 ………… Furnishing and Move In at 1% + $1,500
$5,490 ………… Closing Costs at 1% + $1,500
$3,850 ………… Interest Points
$13,965 ………… Down Payment
============================================
$28,795 ………. Total Cash Costs
$28,700 ………. Emergency Cash Reserves
============================================
$57,495 ………. Total Savings Needed
The property above is available for sale on the MLS.
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