FHA OFFICIALLY INCREASING MORTGAGE INSURANCE PREMIUMS

FHA OFFICIALLY INCREASING MORTGAGE INSURANCE PREMIUMS:

I warned about this in previous updates.  FHA is now officially raising mortgage insurance premiums.  The good news is the new guidelines don’t go into effect until April 1st – so those looking to do a FHA loan should move quickly.  Here are the new guidelines:

–          Annually Mortgage Insurance Increasing by .1% on most loans

–          Monthly Mortgage Insurance will now be for the life of the loan on most loans

–          15 Year Fixed Loans under 78% Loan to Value will now require Monthly Mortgage Insurance

FHA is also in conversations to raise the minimum down payment on purchase loans to 5% versus the current 3.5%.

All changes go into effect on FHA case loan numbers pulled on or after April 1st, 2013. 

FHA

FHA OFFICIALLY INCREASING MORTGAGE INSURANCE PREMIUMS

 

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