FHA Changes

Written by Michael A. Foote, CMB on . Posted in FHA lending, hud, mip, mmi, ufmip

FHA is changing it’s terms, yet again. FHA will increase it’s MMI or monthly mortgage insurance premium to as high as .90% from the current .55% and it’s UFMIP or upfront mortgage insurance premium to 1% from the current 2.25% for purchase transactions. The result, plenty of technology updates and confused Loan Officers. The question is how will the streamline refinances be affected by this?