Some important FHA changes

 April brings forth a list of significant FHA program changes that we all need to be aware of. If you have a current FHA mortgage or are thinking about an FHA mortgage, please take note.

Effective 04/18/2011
Changes to FHA’s annual mortgage insurance premiums which add .25 bps to the current annual premiums. These new premiums are effective for cases assigned on and after April 18th.

Current annual MI premiums through April 17th:
Term is greater than 15 yrs
>95% LTV = .90
<=95% LTV = .85

Term is less than or equal to 15 yrs
>90% LTV = .25
<= 90% LTV = n/a

New Annual MI premiums effective April 18th
Term is greater than 15 yrs
>95% LTV = 1.15
<=95% LTV = 1.10

Term is less than or equal to 15 yrs
>90% LTV = .50
<= 90% LTV = .25