FHA to raise insurance premiums in April

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The federal housing administration will increase the cost of up-front mortgage insurance premiums. $150,000 FHA loan and increase the agency’s revenue by about $1 billion a year, Galante said. The.

According to the FHA official site, on most FHA loans the annual premium will increase by 10 basis points (0.10 percent), or $100 per year for each $100,000 in loan amount. For Jumbo FHA loans ($625,500 or higher) with a term longer than 15 years, the increase will be 5 basis points (0.05 percent), or $50 per year for each $100,000 in loan amount.

FHA will increase its annual mortgage insurance premium (MIP) by 0.10 percent for loans under $625,500 and by 0.35 percent for loans above that amount. Upfront premiums (UFMIP) will also increase by 0.75 percent. These premium changes will impact new loans insured by FHA beginning in April and June of 2012.

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The FHA has raised annual mortgage insurance premiums five times since 2009, including in April when premiums on new loans were boosted an average $13 a month. Galante said the premium increases since.

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The annual fee on the majority of FHA loans will rise by 0.1 percent on April 1. This marks the third time the FHA has increased its mortgage insurance premiums in two years. And since 2008, the fee has nearly tripled. Some borrowers are rushing to beat the April 1 deadline. The FHA premium hikes are part of an effort by the agency to increase.

The fha upfront mortgage insurance premium will increase to 1.75 percent from 1 percent of the base home loan amount. This will apply regardless of the term or loan-to-value ratio beginning in April.

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 · HUD has announced that it will once again raise the FHA monthly mortgage insurance premium. As you may recall it increased last Fall from 0.55% annually of the loan amount to 0.90% annually of the loan amount for loans equal to or greater than 95% loan-to-value.

FHA Annual Premiums Dropping to 0.85%. Only FHA borrowers with LTV ratios above 95% and loan terms greater than 15 years are currently paying 1.35% in annual mortgage insurance premiums. Borrowers with higher loan amounts are paying as much as 1.55%, while borrowers with 15-year fixed loans are paying as little as 0.45%.

In their annual review, the FHA’s actuaries — risk analysts who specialize in insurance — used. the FHA will increase the premiums it charges most borrowers by 0.10 percentage points, starting.