New FHA MIP Fee Changes Take Effect October 4th

September 27, 2010 Inside Lending Bulletin
New FHA MIP Fee Changes Take Effect October 4th
Up Front MIP will decrease from 2.25% to 1%

Annual MIP will increase from .50/.55 to .85/.90 for terms greater than 15 yrs

FHA will make the premium fee changes on all new case numbers effective October 4, 2010. (In order to avoid the Annual MIP increase, your buyers will need an FHA case number assigned before October 4th.)

We are waiting to hear about changes to seller contribution limits. We will issue a Bulletin as soon as FHA makes the announcement.

Thanks!

About Max Leaman Austin Mortgage

GREAT RATES, LOW FEES, CLOSE ON TIME™ ---- 2012 Ranked #1 Austin Residential Mortgage Lender (Austin Business Journal) 2010, 2011 & 2012 Five Star Professional (Texas Monthly) 2009, 2010, 2011, 2012, 2013 PrimeLending Chairman's Circle Award 2009, 2010, 2011, 2012 Scotsman Guide Top Originator (Top 200 Mortgage Professionals in U.S.A.) Better Business Bureau "A+ Rating" National Lender Rankings (Scotsman Guide): Top Purchase Volume (No. 10) Most Loans Closed (No. 32) Top Dollar Volume (No. 88)

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