IMPORTANT - CHANGES TO FHA MORTGAGE INSURANCE PREMIUMS

IMPORTANT - CHANGES TO FHA MORTGAGE INSURANCE PREMIUMS

On September 1, 2010, HUD issued Mortgagee Letter 2010-28, Changes to FHA Mortgage Insurance Premiums. Effective on all case numbers assigned on or after October 4, 2010, FHA will lower its upfront mortgage insurance premium (except for HECMs) simultaneously with an increase to the annual premium which is collected on a monthly basis. This policy change will decrease upfront premiums for purchase money and refinance transactions, including FHA-to- FHA credit-qualifying and non-credit qualifying streamlined refinance transactions. (download Mortgagee Letter 2010-28)