Posts Tagged ‘up front mortgage insurance premium’

The recent change in FHA mortgage insurance is starting to be felt by people purchasing homes using FHA financing now. Everyone was scrambling to have the case numbers assigned before Oct. 4 to take advantage of the lower mortgage insurance, but most of those loans are closed now. (If it isn’t closed yet and is a straight FHA purchase and not a 203k, maybe you should be talking to a different loan officer.) Read More

Things are changing in FHA, some pretty drastic changes very shortly, October 4, 2010 to be exact. These changes will effect mortgage insurance premium amounts and loan to value requirements. 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