Effective for all FHA case numbers assigned on, or after, April 18, 2011, annual mortgage insurance premiums (MIP) will increase 25 basis points.
Beginning with FHA case numbers issued on or after October 4, 2010, the FHA is changing its upfront and annual mortgage insurance premium structures.
In a near-unanimous vote, the House of Representatives gave the FHA power to raise the monthly mortgage insurance premiums it charges to its borrowers.
Because of how frequently bank rules are changing, it can be hard for laypersons to distinguish between mortgage fact and fiction of what's coming next. Recently, we saw this with respect to FHA home loans.
In a statement issued Wednesday, the Federal Housing Authority outlined policy changes to its mortgage assistance program. The shift is meant to both reduce the government group's portfolio risk while strengthening its overall financials. For consumers, the changes mean higher costs.
The FHA published its 2010 loan limits. There's no change from 2009.