FHA Mortgage Insurance Premium Increase- October 4, 2010

It's official: FHA was just given authority to change the amount charged to borrowers for both the Up Front and the Annual Mortgage Insurance premiums...and change them they did.

This will impact how you write up your FHA purchase agreements, as well as any monthly payments you might estimate for clients - so I wanted to get word on the new guidelines to you right away.

The new premium amounts will be effective on all FHA case numbers assigned on or after October 4, 2010 - so your clients that already have an FHA transaction in process won't be impacted, but new FHA clients who come into process on or after October 4th will be subject to the new guidelines.

View ouw website for additional information and Links:

FHA Mortgage Insurance