Yesterday, the new FHA Up Front Mortgage Insurance Premium amounts were announced and will be effective October 1, 2008. This makes for the 2nd change this year in the amount of money it costs a borrower up front to get into an FHA loan. Back in June, we wrote about the UFMIP changing as of July 14. As a result of the new housing Bill passing into law in late July, the amount that a borrower … [Read more...]
FHA Mortgage Insurance Changes — Risk Based Premiums for FHA Mortgage Insurance
There are changes coming with FHA that will impact anyone who gets an FHA loan -- starting on July 14, 2008. Beginning on this date, FHA is moving from the current mortgage insurance premium schedule to a new Risk-based premium schedule. In short, if you have bad credit or are putting less money down on your house, you are going to pay more for the Up Front Mortgage Insurance Premium (UFMIP) … [Read more...]