Posts Tagged ‘UFMIP’

Eugene/Springfield FHA Streamline Refinances are going to save current homeowners more money under a plan revealed by President Obama today! Read More

There are some pretty important changes coming in FHA loans that I wrote about earlier, but so far we don’t have those changes in place making purchases harder or more expensive in the Eugene/Springfield, Lane County, Oregon area. Those HUD rules don’t go into effect for some time, so it is still a great time to purchase a new home in Springfield or Eugene using FHA. The UFMIP (up front mortgage insurance premium) hasn’t increased yet but will, so take advantage of the lower amount now. Read More

The Mortgagee Letter is out and the Up Front Mortgage Insurance Premium (UFMIP) will officially change from 1.75% to 2.25% effective with FHA case numbers issued after April 5, 2010. This will be a change in the amount of the premium collected up front but not in the monthly amount at this time. FHA will be asking for an increase in the monthly premium but that must be posted in the Federal Register first and probably will not take effect until Spring or early Summer. Read More

WOW! There are changes, and then there are changes. FHA Commissioner David Stevens announced today a bunch of policy changes designed to strengthen FHA’s Capital Reserves. Those changes range from raising down payment requirements, to raising upfront and monthly mortgage insurance premiums to lowering the seller concessions. These are changes that can make huge differences in a person’s ability to actually get an FHA loan in the future. Read More