President Bush recently signed into law the Housing and Economic Recovery Act of 2008. 

Effective October 1, 2008, all FHA purchases with case numbers after September 30th will require 1.75% UFMIP.  This is the amount of MIP charged up front, which can be financed into the loan

All case numbers assigned between July 14, 2008 and September 30, 2008 will retain the Risk-Based Premiums from the grid in their June 11th memo.

All case numbers assigned prior to July 14, 2008 will continue to be calculated at a flat fee of 1.5% of the base loan amount.

Annual MIP is not impacted by this announcement and will remain the same at a maximum of .55% on transactions with terms greater than 15 years.  The annual MIP will will continue to be paid on a monthly basis.