This is the main reason you NEED to have an FHA EXPERT (such as us of course) working with you.
Can you imagine being 2 weeks into the process and your part-time Loan Officer calling and saying, “Hi Bob… um, we have a little issue?”
In our information age, you need what you want, and you need it NOW- but not so fast, Charlie.
What we see (and later save), day in and day out, is inexperienced Loan Officers wanting to get the “deal” in faster than they can ask your name, only to realize that they forgot to ask you that one “deal-killer” of a question at the beginning, and now everyone is out of time, and money- but has plenty of frustration.
So to ease everyone’s minds, we are here to help and want you to know that we have our fingers on the markets, the economy, rates, and guidelines; but most importantly, we are here to GIVE YOU CORRECT AND INFORMED ADVICE ON ALL FHA LOANS.
So with that being said, here’s the scoop on the new change in FHA guidelines:
As of October 1, 2008, all Up Front Mortgage Insurance Premiums (UFMIP) for purchases and full-credit qualifying refinances will be 1.75%.
For streamline refinances, UFMIP will be 1.50%.
For all FHASecure, you are looking at 3%.
As for the MONTHLY mortgage insurance premiums, as they have had some slight changes as well, but nothing too major.
Here is the link directly to HUD Memo detailing these changes:
As always, we’re here to help and welcome any questions you may have!
Tags: fha guideline changes, fha loan, fha loans, FHASecure, UFMIP