FHA Increases Annual Mortgage Insurance Premiums

FHA has decided to increase the Annual Mortgage Insurance Premium 25 basis points starting April 18th, 2011.  The annual MIP is collected in the borrower’s monthly payment.  Right now the annual fee is 90 basis points, which would be $900 on every $100,000 borrowed or $75 per month.  A borrower’s monthly payment would increase $20.83 per month under the new rule.

This is NOT retroactive so if you already have a FHA loan your payment will NOT change. 

The cut-off for current home buyers is to have your case number assigned by FHA before April 18th.  Here is a chart taken straight from the letter FHA sent out…

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