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*** NEW HUD Mortgagee Letter - January 21, 2010

By
Mortgage and Lending with Guaranty Bank & Trust Co NMLS ID #68160

Increase in Upfront Premiums for FHA Mortgage Insurance

A new HUD Mortgagee Letter 2010-02 was issued today - see link below. 

This ML makes the following changes:

  • Effective April 5, 2010, the UFMIP (Upfront Mortgage Insurance Premium) will increase from 1.75% to 2.25%
  • The annual premiums (monthly mortgage insurance) will not increase at this time

This ML "does not" change any of the following:

  • NO increase of minimum down payment
  • NO reduction of allowable seller concessions from 6% to 3%
  • NO change in minimum credit score requirements

As of yet, there are no other published Mortgagee Letters making any further changes.

Here is the link: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-02ml.pdf

 

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