Questions?Get Fast Answersarrow

Blog

Changes to FHA Loan Program

Categories: Uncategorized | Posted: September 28, 2010

FHA CHANGES COMING OCTOBER 4, 2010

The upfront mortgage insurance, which is usually financed into the loan, will decrease from 2.25% to 1.00% BUT for FHA loans with terms greater than 15 years, the following changes will apply to any loans that are not assigned a case number before October 4, 2010.  Don’t worry the down payment as this point is still 3.5%.

LTV’s <= 95% will increase the monthly mortgage insurance premium to .85 bps.  The current monthly fee is .50 bps.

LTV’s > 95 will increase the monthly fee to .90 bps. The current monthly fee is .55 bps.

Thanks to Jean Hunt for sending over this information.  For more information drop Jean a line.  Her contact info follows.

Jean Hunt

First Bank Mortgage

Loan Officer

Office:  (706) 821-6081

jhunt@fbmtg.com

Caroline Ashe

Comments are closed.