Upcoming Changes To FHA Premiums
FHA (HUD) has just announced their upcoming changes: Additional Increase in MIP and automatic cancellation of annual MIP.
The following is a general description of the changes.
1. Effective with all case numbers issued on or after April 1, 2013, the annual (monthly) MIP premiums are increasing by .10.
2. Effective with all case numbers issued on or after June 3, 2013, the automatic cancellation of the annual MIP premiums has been rescinded. Previously, the minimum period for MIP was 5 years or 78% LTV, whichever came last.
…If you are looking to refi your current fha loan , time is of the essence.
…If you have been pre-approved for a fha loan, please make a note of this change, as it could affect your ability to purchase a new home.
- Sunil Sethi
SUNIL SETHI REAL ESTATE
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