Find out more on FHA raising the MIP

September 2, 2010

Did you know that FHA is raising the Mortgage Insurance Premium, MIP, on all loans filed after October 4th, 2010?

FHA will raise the MIP on all FHA case numbers assigned on or after October 4th. This is a value added proposition for any one out there that is on the fence about buying a house. The monthly MIP is going from .52 to .90. This means a customers payment will be around $67.00 per month more on a $200,000 FHA loan after Oct. 4th.

If you want more information I have the mortgagee letter from HUD with all of the MIP changes, just email me or call me and I can send it to you!

myerst@kw.com or 405.474.4242

Rates as of yesterday on a 30 year fixed were 4.250% and a 5/1 fixed arm was 2.875%.

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