both monthly and upfront MI premiums. All Case Numbers that are pulled on or prior to March 30th will close with the current MI Premiums, all Case numbers assigned on April 2nd and beyond will be subject to the increased premiums (March 31 and April 1 are Saturday and Sunday and FHA connection will not be available for case numbers).
FHA STREAMLINES WILL GET TOUGHER APRIL 1.
Starting April 1, 2012, Upfront MIP (UFMIP) for loans raises from 1.000% to 1.750% of the loan size. Annual MIP fees (which are paid monthly) change, too, climbing by 10 basis across the board, and by an additional 25 basis points for loans between $625,500 and $729,750. http://themortgagereports.com/7964/the-new-fha-mortgage-insurance-premium-breakdown
If we cannot pull a case # prior to April 1, there is not much we can do. But for those customers who qualify now, urge them to move forward now because they may not qualify on/after April 1 because they may not meet the 5% Net Tangible Benefit (NTB) requirement. IMPORTANT: The MIP is determined by the case number assignment date NOT the application date.
Reach out to me so that we can get the ball rolling before the premiums increase!
jayson.bates@swmc.com
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