FHA Announced Increase in MI Effective April 9, 2012

FHA announces it is increasing the upfront mortgage insurance premium and the yearly mortgage insurance premium effective April 9, 2012. The Guideline changes are discussed below in the video by John R. Thomas from Primary Residential Mortgage.  Call 302-703-0727 if you would like more information or apply for an FHA Loan for the purchase or refinance of home or APPLY ONLINE.

New FHA Mortgage insurance Guidelines Effective April 9, 2012, by John R. Thomas from Primary Residential Mortgage

HUD/FHA is making the following guideline changes effective with FHA case numbers pulled on or after April 9, 2012:

Upfront Mortgage Insurance
Current Upfront MI = 1.0%
New Upfront MI = 1.75%

Yearly MI (Collected Monthly)
Great than 95% LTV:
Current MI = 1.15%
New MI = 1.25%

95% or Less LTV:
Current MI = 1.10%
New MI = 1.20%

FHA implements these changes by issuing a mortgage letter which they have done called FHA Mortgage Letter 12-4. If you would like to apply for an FHA Loan before these changes take place call 302-703-0727 or APPLY ONLINE.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713