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It is imperative that the MMIF is further strenghened to ensure that FHA will continue its historic role of providing a home financing vehicle during periods of economic volatility and its mission of helping underserved borrowers.
- Jack Buck, Jr., NMLS#266343
- Chesterfield, Missouri, United States
- Nationally and State Licensed Loan Officer
Wednesday, February 16, 2011
FHA To Increase Annual Mortgage Insurance Premium, Again!
Effective April 18, 2011, FHA will increase the Annual Mortgage Insurance Premiums. There are no changes to the Upfront Morgage Insurance Premium (UFMIP). It is anticipated that this increase will have minimal impact on borrowers but will significantly strengthen the capital position of the MMIF.(FHA's Mutual Mortgage Insurance Fund). The increase will be 25 basis points(bps). This comes after the increase that took place last October, which increased Annual premiums from .50 percent to .90 percent based on LTV chart
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