Premier Mortgage Loan Application

FHA Mortgage Insurance Premium Changes Announced

| Thursday, September 2nd, 2010 | Comments Off

FHA released a mortgagee letter today (mortgagee letter 2010-28) with details regarding changes to mortgage insurance.

Highlights:

  • Effective with case numbers assigned on or after October 4, 2010
  • Upfront mortgage insurance will change to 1.0%
  • Annual mortgage insurance with loan terms > 15 years:
    <= 95% LTV = 0.85%
    > 95% LTV = 0.90%
  • Annual mortgage insurance with loan terms <= 15 years:
    <= 90% LTV = No Annual MIP
    > 90% LTV = 0.25%

Please contact us with questions about these MI changes!

Posted in Industry & Market News

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