Saturday, March 10, 2012

FHA Announces Increases

FHA has announced the increases to the upfront funding fee and annual mortgage insurance premium (monthly MI). Here are the changes that will impact purchases.

If your borrower locked their purchase with an FHA loan and the purchase price was $150,000. The minimum loan amount would be $144750.

Today, the upfront funding fee is $1447 and the monthly insurance is $138.72.

After April 9th, for the same scenario, the upfront funding is going to be $2533.12 and the monthly insurance will increase to $150.78.