New FHA rules in a nutshell
- Changes are effective for case numbers assigned on or after April 15th, 2010.
- New upfront mortgage insurance premium (UFMIP) will be 2.25% for all purchase and refinance loans.
- The premium for H4H and HECM is 2.0%. H4H = Hope for Homeowners HECM = Reverse mortgages
- This change applies to all standard FHA Single Family Programs except the following: Title I, Section 247-Hawaiian Homelands, Section 248-Indian Reservations, Section 223e-Declining Neighborhoods or Section 238c-Military Impact areas in Georgia and New York.