Today: FHA upfront premiums rise for mortgage insurance
April 5th, 2010
Written by Frost Mortgage
The Department of Housing and Urban development is reminding the mortgage industry that, starting today (April 5, 2010), an upfront mortgage insurance premium of 2.25 percent will be collected “for purchase money and refinance transactions, including FHA-to-FHA credit qualifying and non-credit qualifying streamlined refinance transactions.”
HOPE for Homeowners and Home Equity Conversion Mortgages will be charged a 2 percent premium, according to Mortgagee Letter 2010-02.
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