Steve and Lisa's Mortgage Morsels

FHA will increase their fees effective 4/9/12

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!

Posted in:General
Posted by Steve Iltis on March 16th, 2012 8:59 AM


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