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Confirmed FHA to increase the upfront MIP effective 4/18/2011
FHA TAKES STEPS TO BOLSTER CAPITAL RESERVESNew premium structure for 30- and 15-year loans will help private capital return
WASHINGTON - As part of ongoing efforts to strengthen the Federal Housing Administration's (FHA) capital reserves, FHA Commissioner David H. Stevens today announced a new premium structure for FHA-insured mortgage loans increasing its annual mortgage insurance premium (MIP) by a quarter of a percentage point (.25) on all 30- and 15-year loans.  The upfront MIP will remain unchanged at 1.0 percent.  This premium change was detailed in President Obama's fiscal year 2012 budget, also released today, and will impact new loans insured by FHA on or after April 18, 2011. 
"After careful consideration and analysis, we determined it was necessary to increase the annual mortgage insurance premium at this time in order to bolster the FHA's capital reserves and help private capital return to the housing market," said Stevens.  "This quarter point increase in the annual MIP is a responsible step towards meeting the Congressionally mandated two percent reserve threshold, while allowing FHA to remain the most cost effective mortgage insurance option for borrowers with lower incomes and lower down payments."
The proposed change was announced last week as part of the ... more

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