FHA MORE TO PAY – FHA TAKES ADDITIONAL STEPS TO BOLSTER CAPITAL RESERVES

Beginning April 1, the up front mortgage insurance premium (UFMIP) will increase to 1.75% from 1% of the base loan amount.   FHA buyers will pay an additional $750 up front fee for every 100K borrowed.   In addition, the annual mortgage insurance premium (MIP) will increase between .1% and .3%.

Now may be a great time for FHA buyers to wrap up contract negotiations, secure record low mortgage rates, and take advantage or amazing home prices!

 

DIRECT HUD LINK

Leave a Reply