fha: HUD announces increase in UFMIP effective April 5th - 01/22/10 05:13 AM
Most folks know that FHA requires an Upfront Mortgage Insurance Premium (UFMIP) in addition to the monthly mortgage insurance for a government loan.  On Thursday, January 21st, HUD announced an increase of this premium from the current 1.75% to 2.25% for FHA loans for which the case number is assigned on or after April 5th, 2010.  Read in full here http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-02ml.pdf  regarding this update.
WHAT THIS MEANS TO YOU!
Although the UFMIP is typically financed into an FHA loan (thus the borrower doesn't have to come up with the funds at closing), this increase is worth discussion.  Consider a first time … (1 comments)

 
Joe Libin, Veritas Funding NMLS #843779 & #252108 (Veritas Funding, SLC, UT)

Joe Libin

Veritas Funding NMLS #843779 & #252108

Salt Lake City, UT

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Veritas Funding, SLC, UT

Address: 7730 Union Park Ave Suite 200, Midvale, UT, 84047

Mobile: 801-209-5205

Office: 801-639-9000



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