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® – (800) 301-3405 Since 2001, Leaman Team has helped clients to purchase, refinance and renovate. The biggest distinction between lenders is their honesty, customer service, and ability to close on time.

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