Increase in Upfront Premiums for FHA Mortgage Insurance Effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25 percent. This policy change will increase premiums for purchase money and refinance transactions, including FHA-to-FHA credit-qualifying and non-credit qualifying streamlined refinance transactions.
Basically, if you are thinking of purchasing a home soon, and want to take advantage of FHA’s 3.5% down, and don’t want to pay the increase in MIP or mortgage insurance premium, then speak with your mortgage professional and get a case number before April 5th!
FHA announces increases in their Upfront Mortgage Fee
Increase in Upfront Premiums for FHA Mortgage Insurance Effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25 percent. This policy change will increase premiums for purchase money and refinance transactions, including FHA-to-FHA credit-qualifying and non-credit qualifying streamlined refinance transactions.
Basically, if you are thinking of purchasing a home soon, and want to take advantage of FHA’s 3.5% down, and don’t want to pay the increase in MIP or mortgage insurance premium, then speak with your mortgage professional and get a case number before April 5th!
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