Oct 1st Flat Fee for Upfront Mortgage Insurance Premiums

By
Mortgage and Lending with Independent

As a reminder the new change from Department of Housing and Urban Development (HUD), the upfront mortgage insurance premiums (UFMIP) on Federal Housing Administration (FHA) loans will revert back to a flat fee, effective with case numbers assigned on or after Oct. 1 2008.

Upfront MIP factors effective with case numbers assigned on or after Oct. 1, 2008, are as follows:

  •            Purchases and Full Credit Qualifying Refinances = 1.75%
  •            Streamline Refinances = 1.50%
  •            FHASecure transactions = 3.00%


Sections of the Act NOT impacted:

  •           223(e) Declining Markets
  •           238(c) Military Impacted Areas
  •           255 Home Equity Conversion Mortgages (Reverse mortgages)
  •           184 ETO Native American Lending (HUD-184)

 

This will definitely help with borrowers who were high risk based and paid 2% plus.  These changes are all part of Bush's proposed plan of The Housing and Economic Recovery Act of 2008.

If you have any further questions or comments please feel free to contact me.

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Just-In-Time Loans - Mortgage Needs and Advice on Time. (757-692-3464)

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Tags:
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Rainer
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Tom Davis
Harrington ERA,DE Homes For Sale, $$ Save $$ Buy Today ! - Dover, DE
FREE Delaware Homes Search!, $$ Save $$ - Find Homes! Delaware Realtor

My goodness well one thing is sure about real estate... it is always a changing market!

Sep 13, 2008 05:00 PM #1
Rainer
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Justin Williams
Independent - Virginia Beach, VA
Loan Officer

@ Tom - Sure is and in order to stay atop on our game we always have to adapt and keep up! :)

Sep 13, 2008 05:43 PM #2
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Rainer
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Justin Williams

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