Effective, October 4, 2010, HUD will be making several changes to the FHA loan programs: 1. Upfront Mortgage Insurance Premium (MIP) will be reduced from 2.25% of the sales price to 1.0% of the sales price. 2. Annual Mortgage Insurance Premium will be increased from .55% of loan amount to .90% of loan amount. 3. FICO scores will be required to be 620 on purchases and 640 on refinances. These changes will go into effect for any loan obtaining an FHA Case Number after October 4, 2010*
Very Important :::: The FHA Case Numbers will need to … (1 comments)
changes to fha loans: Buying a Home in Atlanta GA - Upcoming Changes to FHA Loans
- 08/13/10 05:29 PM
If you are thinking of buying a home and securing an FHA Loan, this is a must read... Effective October 4, 2010, FHA will be making changes to their Mortgage Insurance Premiums. As you know, borrowers currently pay 1.75% of their loan amount upfront which is called Upfront MIP. Additionally they pay .50% to .55% of their loan amount annually (actually paid in 12 installments with their monthly payment). The new MIP (mortgage insurance premium) structure will require an Upfront MIP of only 1% of their loan amount. The downside is that their annual MIP will increase to .50% to .90% … (1 comments)
FHA GUIDELINE CHANGES
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