New FHA MIP Fee Changes Take Effect October 4th
Up Front MIP will decrease from 2.25% to 1%
Annual MIP will increase from .50/.55 to .85/.90 for terms greater than 15 yrs
FHA will make the premium fee changes on all new case numbers effective October 4, 2010. (In order to avoid the Annual MIP increase, your buyers will need an FHA case number assigned before October 4th.)
We are waiting to hear about changes to seller contribution limits. We will issue a Bulletin as soon as FHA makes the announcement.
What this Mans for you is that if you DON'T lock in before this date you will be paying about $40 more a month that will take you down in approval dollar by about $20,000! Lock in TODAY! That Mans we need to get a home under contract this weekend!
CALL ME NOW!
Thanks!
All "Betts" on Brian! The Only Realtor you want!
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