Friday, August 6, 2010

Great Move! FHA MIP changes are approved!

Almost two weeks before the closing of the public comment period on proposed FHA changes, Commissioner Stevens announced yesterday, August 5, 2010 the Congressional passage of HR5981 which allows FHA to increase the monthly insurance premiums on standard FHA programs up to 1.5%. 

In applauding the congressional action, Mr. Stevens announced that effective with case numbers assigned beginning September 7, 2010 the front end MIP will be reduced to 1.0%, while the monthly premiums will increase to 0.85% for borrowers with LTV  <= 95% and to 0.90% for borrowers with loan amounts  > 95%.

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