Hilde's Mortgage Blog

Some substantial changes to FHA financing in terms of borrower cost:

• Changes are effective for case numbers assigned on or after April 5th, 2010. If you get your application in prior to that date and your lender has a chance to order your case number via FHA, you will still benefit from the old rule.

• New upfront mortgage insurance premium (UFMIP) will be 2.25% for all purchase and refinance loans. Currently the UFMIP is 1.75% for purchase and regular refinances and 1.5% for streamline refinances. Some exceptions apply to some geographical areas outside of Alaska. Annual premiums collected via the monthly payments will not change at this time.