BIG FHA Changes Q2 2013

Nov 19

Posted by

FHA will again raise the annual MIP another 10 basis points. But the big news, Up Front MIP insurance will no longer be able to be cancelled. It will remain for the LIFE OF THE LOAN regardless of loan to value. So, those doing an FHA streamline refinance after the changes go into effect will have the UFMIP for life.

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Posted on November 19, 2012, in Uncategorized. Bookmark the permalink. 2 Comments.

  1. Rob | November 29, 2012 at 2:54 am

    So when exactly will that change take effect? And if I take advantage of a streamlined FHA refinanced mortgage before that time, will I be able to get rid of the PMI after I reach the LTV amount or will the new rule kick in and I will still be stuck with it for life?

    Reply

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