Posted by: cfigueira | March 31, 2011

April 18: FHA Increases MIP

Reminder: the annual Mortgage Insurance Premium for FHA forward mortgages will increase effective for FHA case numbers assigned on or after April 18, 2011. FHA will increase annual premiums collected on a monthly basis for traditional purchase and refinance products. There are no changes to the Upfront Mortgage Insurance Premium.

The rate will go up by .25% more, to a total of 1.15%.  This will equate to a MI payment of approximately $191.66 on a $200,000 mortgage.  The consumer gets socked with $41 more in cost per month, from which they see no additional benefit.

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