HUD just release this important reminder about upfront mortgage insurance premiums.
From HUD:
Lenders are reminded that effective for FHA loans for which the case number
is assigned on or after April 5, 2010, FHA will collect an upfront mortgage
insurance premium of 2.25 percent. This policy change will increase premiums
for purchase money and refinance transactions, including FHA-to-FHA credit-
qualifying and non-credit qualifying streamlined refinance transactions. For
more detailed information on this premium increase, please see Mortgagee
Letter 2010-02 at:
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-02ml.pdf
Lenders should make every effort to order case numbers early in the week of
March 29, 2010, since it is possible that case numbers requested on Friday or
Saturday may not be assigned prior to April 5, 2010, and therefore, be
subject to the higher premium.
