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 UFMIP increases to 2.25% effective April 5th View next topic
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Robin
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Joined: 30 Aug 2007
Posts: 3416
Location: Loveland, OH

UFMIP increases to 2.25% effective April 5th
PostPosted: Thu Mar 25, 2010 1:16 am Reply with quoteBack to top

(From HUD's listserv email service):

Lenders are reminded that effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25 percent. This policy change will increase premiums for purchase money and refinance transactions, including FHA-to-FHA credit-qualifying and non-credit qualifying streamlined refinance transactions. For more detailed information on this premium increase, please see Mortgagee Letter 2010-02 at: http://www.hud.gov/offices/adm.....0-02ml.pdf



Lenders should make every effort to order case numbers early in the week of March 29, 2010, since it is possible that case numbers requested on Friday or Saturday may not be assigned prior to April 5, 2010, and therefore, be subject to the higher premium.
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