Reminder of Upcoming FHA Upfront and Monthly MI Changes
Below is the announcement sent out earlier this month regarding FHA’s changes to upfront and monthly MI premiums. **We highly encourage you to request your case numbers no later than this Thursday Sept 30th to avoid any delays**
As per mortgagee letter 10-28 effective with all case numbers assigned on Oct 4 2010 or later FHA has announced new UFMIP premiums and monthly premiums. The UFMIP will be changed to 1 across the board on all purchase rate and term cashout and streamline loans. The monthly MI on loan terms greater than 15 years will be .90 for LTVs over 95 and .85 for LTVs equal or less than 95. For 15 year terms or less the monthly MI will become .25 for all LTVs over 90 and 0 monthly for all LTVs under or equal to 90.
Carlos Figueira - Keypoint Mortgage 