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mortgage insurance: FHA's New Mortgage Insurance Premiums--Will This Affect Buying Power? - 09/02/10 04:12 PM
The answer is...yes it will, and it might be best for them to go under contract before October 4.
With the passing of H.R. 5981 and the resulting Public Law 111-229, FHA was given authority to change the amount charged to borrowers for both the Up Front and the Annual premiums. These changes as outlined in Mortgagee Letter 2010-28, are effective for all case numbers assigned on or after October 4th, 2010. Here are the 6 things you need to know about these changes:
The Up Front premium is now 1.0 % for all standard FHA programs (purchase money mortgages, full credit-qualifying … (2 comments)

 
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