More Changes in FHA... Increase in Upfront Mortgage Insurance Premium
Updated News: FHA has decided to increase the MIP gradually over the next several years.
Effective on or about April 5, 2010 FHA will increase the Up Front Mortgage Insurance Premium from 1.75% to 2.25%.
This is the amount that gets added to the base loan amount.
Example #1
Existing (1.75%)
Sales Price $250,000
Base Loan 241,250
UFMI Premium 4,222 (1.75%)
Total Loan Amount: $245,472
Example #2
New (2.25%)
Sales Price $250,000
Base Loan 241,250
UFMI Premium 5,428 (2.25%)
Total Loan Amount: $246,678
Previous Article: Changes in FHA
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