FHA is increasing the upfront mortgage insurance premium!
Currently on FHA loans 1.75% is collected, effective on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium (UFMIP) of 2.25%. This policy change will increase premiums for purchase money and refinance transactions, including streamline refinance transactions.
- Applications that do not have an FHA case number assignment date prior to April 5, 2010 will be subject to the new up front mortgage insurance premium (UFMIP) factors.
- Applications that are disclosed with the lower UFMIP factors and do not have a case number assignment date prior to April 5, 2010 will be required to re-disclose to increase the UFMIP to the borrower within 3 days of the change circumstance event, or no later than April 8, 2010 to comply with Regulation X.
- FHA programs NOT impacted by the new UFMIP factors at this time are:
•- 248 Indian Reservations
•- 247 Hawaiian Homelands
Heather Burns
Home Mortgage Consultant
Guild Mortgage Company
425-945-8035 Office
206-714-3522 Cell
206-577-2901 Efax
hburns@guildmortgage.net
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