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FHA Changes to Mortgage Insurance Premiums authorized in House Bill HR 5981
FHA Changes to Mortgage Insurance Premiums authorized in House Bill HR 5981
FHA, The Federal Housing Administration, has been authorized to increase the Annual Mortgage Insurance Premium per House Bill 5981, passed this week in DC.  Here is a letter from FHA Commissioner Stevens on the MIP changes.   
It contains good news and bad news.   The good news is that the Upfront Mortgage Insurance Premium (UFMIP on your HUD1/Good Faith Estimate) is being reduced to 1.0% from the current level of 2.25%.   Now the bad news:  The Annual Mortgage Insurance Premium (which is paid monthly by the FHA Borrower) is increasing from .55% to .90% for FHA loans above 95% Loan to value, and from .50% to .85% for FHA Loans at 95% or lower loan to value.
So the important questions are: 
When does it go into effect?   The new rates will apply to all FHA case numbers dated Sept 7, 2010 and later.   FHA Case #'s prior to this date can still qualify for the existing MIP rates.
How does it effect my FHA loan?    This will only effect new FHA Loans, existing FHA Loans will adhere to the their current MIP Rates (ie no changes). 
Is it more expensive ... more

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