March 16th, 2012 8:59 AM by Steve Iltis
HUD announced that it would be raising the Upfront Mortgage Insurance Premium (MIP) for FHA loans effective April 9, 2012, from 1.00% to 1.75% of the loan amount. Fortunately, the upfront MIP can be financed and amortized over the life of the loan.
The monthly mortgage insurance premium will increase to 1.25% from 1.15% for mortgages with a 3.5 % down payment.
Have a great weekend!