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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