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FHA Announces Increase in MI Effective April 9 2012

FHA announces it is increasing the upfront mortgage insurance premium and the yearly mortgage insurance premium effective April 9, 2012.  The Guideline changes are discussed below in the video by John R. Thomas from Primary Residential Mortgage.  Call 302-703-0727 if you would like more information or to apply for an FHA Loan for the purchase or refinance of home or APPLY ONLINE.

 New FHA MI Guidelines Effective April 9, 2012 by John R. Thomas from Primary Residential Mortgage

HUD/FHA is making the following guideline changes effective with FHA case numbers pulled on or after April 9, 2012:

Upfront Mortgage Insurance
Current Upfront MI = 1.0%
New Upfront MI = 1.75%

Yearly MI (Collected Monthly)
Great than 95% LTV:
Current MI = 1.15%
New MI = 1.25%

95% or Less LTV:
Current MI = 1.10%
New MI = 1.20%

FHA implements these changes by issuing a mortgage letter which they have done called FHA Mortgage Letter 12-4.  If you would like to apply for an FHA Loan before these changes take place call 302-703-0727 or APPLY ONLINE.

John R. Thomas
Certified Mortgage Planner – NMLS 38783
Primary Residential Mortgage
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727

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