Aundrea Beach-Greco Mortgage Blog FHA MIP Changes Now Official September 3rd, 2010 4:47 PM 9-2-10 ::  FHA Mortgage Insurance Premium Changes Now Official -- Effective October 4th :: With the passing of H.R. 5981 and the resulting Public Law 111-229, FHA was given authority to change the amount charged to borrowers for both the Up Front and the Annual premiums. These changes as outlined in Mortgagee Letter 2010-28, are effective for all case numbers assigned on or after October 4th, 2010. Here are the 6 things you need to know about these changes: 1) The Up Front premium is now 1.0 % for all standard FHA programs (purchase money mortgages, full credit-qualifying refinances, and streamline refinances) 2) The Annual premium is now .90% for LTVs GREATER than 95% on 30 year loans 3) The Annual premium is now .85% for LTVs EQUAL to or LESS than 95% on 30 year loans 4) The Annual premium is now .25% for LTVs GREATER than 90% on 15 year loans 5) The Annual premium is now .00% for LTVs EQUAL to or LESS than 90% on 15 year loans 6) These premiums apply to purchases, regular refinances and streamlines Please note that this new law also gives FHA the authority to raise the Annual premium at will up to 1.5% for LTVs at or below 95% and 1.55% for LTVs more than 95%. Click here to read Mortgagee Letter 2010-28 in its entirety.   How this affects you (after 10-4-10): 1) The The Up Front premium is now less expensive for the borrower. 2) The Annual premiums have been increased on higher loan-to-value's which will in turn affect your new monthly payment.    For more information, please contact us. Aundrea Beach-Greco The Beach-Greco Team Mortgage Advisor, CMP, CMPS (702) 326-7866 info@aundreabeach.com   Posted by Aundrea Beach-Greco on September 3rd, 2010 4:47 PMPost a Comment (0) Subscribe to this blog * Name: * Email Address: URL: Comment: Type the characters you see in this picture, click "Submit" when finished.   This helps us prevent automated programs from posting comments and sending spam. * Name: * Email Address: Address: City: State: Zip:   This helps us prevent automated programs from creating bogus contacts and adding them to your contacts database.

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