Here are the 5 things you need to know about these changes:
- Changes are effective for case numbers assigned on or after April 15th, 2010.
- New upfront mortgage insurance premium (UFMIP) will be 2.25% for all purchase and refinance loans. The premium for H4H and HECM is 2.0%.
- This change applies to all standard FHA Single Family Programs except the following: Title I, Section 247-Hawaiian Homelands, Section 248-Indian Reservations, Section 223e-Declining Neighborhoods or Section 238c-Military Impact areas in Georgia and New York
- Annual premiums will not change at this time
- There will be no discount on the UFMIP for first-time homebuyers with pre-purchase counseling.
