FHA Mortgage Payments will Increase After October 4th - New FHA MIP Fee Changes

New FHA MIP Fee Changes Take Effect October 4th

Up Front MIP will decrease from 2.25% to 1% Annual MIP will increase from .50/.55 to .85/.90 for terms greater than 15 yrs FHA will make the premium fee changes on all new case numbers effective October 4, 2010. (In order to avoid the Annual MIP increase, your buyers will need an FHA case number assigned before October 4th.) What this means to home buyers using FHA financing is that the closing cost will be lower but the monthly mortgage payment will increase.

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Blog post written by the Dowell Taggart Team of RE/MAX Best Associates

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