FHA Changes

FHA change effective October 4, 2010 is that HUD will be lowering the upfront mortgage insurance premium from its existing 2.25% of the loan amount down to 1% of the loan amount. They will be increasing the monthly mortgage insurance rate from the existing .55% of the loan amount to .90%. Both of these changes are scheduled to take effect October 4, 2010.

Please feel free to call or email with firther questions on this. So far this is the date they will be going with.