hud announces fha mortgage insurance premiums effective october 4, 2010
DESCRIPTION
The FHA Reform Bill signed by the President on August 12, 2010 gave HUD authorization to increase annual mortgage insurance premiums for FHA Title II and HECM transactions. As promised, FHA has reduced the UFMIP (up-front mortgage insurance premium), with the exception of HECM transactions, and increased the annual mortgage insurance premiums for terms greater than 15 years and HECM transactions.TRANSCRIPT
PR Log - Global Press Release Distribution
HUD Announces FHA Mortgage Insurance Premiums Effective October 4 2010
By Inlanta Madison
Dated: Sep 03, 2010
Although, as reported in our earlier post, HUD has the option to raise the annual premium to 1.5% (from0.55% now for loans 95% LTV and higher), they instead opted for a less shocking rise to 0.90%.
HUD Announces FHA Mortgage Insurance Premiums Effective October 4, 2010 HUD announced final changes to FHA mortgage insurance premiums as expected: view the original postannouncing the original changes back in August. At that time it was still undetermined how much themortgage insurance would be changing. Today, we have that clarification and it doesn’t seem to be asdrastic as we originally thought. Although, as reported in our earlier post, HUD has the option to raise theannual premium to 1.5% (from 0.55% now for loans 95% LTV and higher), they instead opted for a lessshocking rise to 0.90%. Effective with all FHA case numbers assigned on or after October 4, 2010, the annual mortgage insurancepremiums will rise to 0.90% (previously 0.55%) and the upfront mortgage insurance premium will belowered to 1% (previously 2.25%). This is for loans over 15 year amortization and 95% LTV and higher. For loans 15 years or less and/or under 95% loan to value, please read the mortgagee letter below foradditional information. You can view the full mortgagee letter here. Your local Wisconsin, Illinois, Minnesota and Florida Mortgage Bankers Toll Free: (877) 240-5810 [email protected] http:// www.MadisonMortgageguys.com Visit our main blog at http:// www.madisonmortgageguys.com/blog/ on our blog: http://
www.madisonmortgageguys.com/blog/content/hud-announces-fha-mortgage-insurance-premiums/
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