Friday, January 29, 2010

Latest FHA Rules Update!

New FHA rules in a nutshell

  1. Changes are effective for case numbers assigned on or after April 15th, 2010.
  2. New upfront mortgage insurance premium (UFMIP) will be 2.25% for all purchase and refinance loans.
  3. The premium for H4H and HECM is 2.0%. H4H = Hope for Homeowners HECM = Reverse mortgages
  4. 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.

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