FHA to raise insurance premiums in April

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*No Revision to the time period for assessing annual mip For loans with FHA case numbers assigned on or after June 3, 2013, FHA will collect the annual MIP, which is the time on which you will pay for FHA Mortgage Insurance Premiums on your FHA loan.

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1. Upfront Mortgage Insurance Premium (UFMIP) FHA UFMIP is the easiest to understand. It is a lump sum premium that is financed into your FHA loan. FHA UFMIP is 1.75% of your fha loan amount. Consider the following: You are buying a $150,000 home.

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 · The lender (not the borrower) must pay the late fee before FHA will endorse the mortgage for insurance. With ongoing premiums, your lender will collect your MIP and send it to HUD. The lender, not you, be penalized for any late mip payments. annual MIP.

Modifications such as performance changes that increase the. analyse and decide the insurance premium accordingly. Budget.

 · Effective for all FHA case numbers assigned on, or after, April 18, 2011, annual mortgage insurance premiums (mip) will increase 25 basis points. The change will add $250 to an FHA-insured homeowner’s annual loan costs per $100,000 borrowed, and applies to all borrower’s equally. Current FHA borrowers are unaffected. To understand the FHA is to understand why premiums are rising.

The annual fee on the majority of FHA loans will rise by 0.1 percent on April 1. This marks the third time the FHA has increased its mortgage insurance premiums in two years. And since 2008, the fee has nearly tripled. Some borrowers are rushing to beat the April 1 deadline. The FHA premium hikes are part of an effort by the agency to increase.

In the last week of January 2013, the FHA issued a statement announcing an increase in annual mortgage insurance premiums or MIP for its single family home loans. According to the FHA official site, "FHA will increase its annual mortgage insurance premium (MIP) for most new mortgages by 10 basis points or by 0.10 percent."

FHA CHANGES APRIL 18, 2011 FHA will increase its annual mortgage insurance premium (MIP) by 0.10 percent for loans under $625,500 and by 0.35 percent for loans above that amount. Upfront premiums (UFMIP) will also increase by 0.75 percent. These premium changes will impact new loans insured by FHA beginning in April and June of 2012.