Congress has passed H.R. 5981. President Obama hasn't signed the bill yet but it's expected to be signed soon.
The law reads effective September 7, 2010 for all new FHA case numbers pulled the mortgage insurance premium will change. FHA's upfront mortgage insurance premium will go down to only 100 basis points "1%" of loan amount on all amortization terms and the annual mortgage insurance premium will increase to 85-90 basis points ".85 or .90% of loan amount" on amortization terms greater than 15 years.
The upfront and annual premium changes do not apply to the following FHA Programs: Title 1, HECM, HOPE For Homeowners (H4H), Section 247 (Hawaiian Homelands), Section 248 (Indian Reservations), Section 223 (e) (declining neighborhoods), Section 238 (c) (Military Impact areas in Georgia and New York).
LTV's <=95% will increase to 85 basis points and LTV > 95% will increase to 90 basis points.
Ron Meyer is a Wisconsin licensed Sr. Loan Originator NMLS #222688 with GSF Mortgage Corporation NMLS #1018 located at 300 Patriot Dr. Little Chute, WI 54140 We specialize in financing purchases and refinancing home loan mortgages for all of Wisconsin. As a local lender we pride ourselves on offering quality service before and after your closing. Our underwriting is all done in house, allowing us to have quicker than normal processing time of your loan.
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