Effective April 1st, FHA will increase the Upfront Mortgage Insurance Premium from 1.00% to 1.75%. The Annual Mortgage Insurance Premium will change from 1.15% to 1.25% for loans greater than 95% of the sales price. For loans 95% or less of the sales price, the change will be from 1.10% to 1.20%.
The change was made by HUD (Housing and Urban Development) to increase the funds needed by HUD to operate. This will also increase the cost for buyers using the FHA loan program.
Please contact Ann Shipley at ann.shipley@mannmortgage.com or 503-385-1791 for further information.
Showing posts with label FHA Home Loans Mortgage Insurance. Show all posts
Showing posts with label FHA Home Loans Mortgage Insurance. Show all posts
Monday, March 12, 2012
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