Here are the 7 things you need to know about these changes

Here are the 7 things you need to know about these changes:

1. These changes are effective April 18th, 2011.
   
   
2. The Annual Insurance Premium will increase .25% for standard forward mortgages. The Upfront Mortgage Insurance remains at 1.00%.
   
   
3. The Annual Premium is now 1.15% for LTVs GREATER than 95% on 30 year loans.  This is the type of FHA loan you are most likely to be involved with, since it allows the minimum down payment for FHA. The previous amount of the Premium was .90%.
   
   
4. The Annual Premium is now 1.10% for LTVs EQUAL to or LESS than 95% on 30 year loans.
   
   
5. The Annual Premium is now .50% for LTVs GREATER than 90% on 15 year loans.
   
   
6. The Annual Premium is now .25% for LTVs EQUAL to or LESS than 90% on 15 year loans.
   
   
7. Case numbers with no activity for 6 months will automatically be canceled (includes case numbers pulled prior to April 18th, 2011)