FHA is making changes to its FHA Mortgage Insurance Premiums on most FHA programs, effective October 4.
Source: Mortgagee Letter 2010-28
Effective Date: October 4, 2010
- UFMIP will be 100 BPS
- Annual premiums on LTV equal to or less than 95% will be 85 BPS. LTV greater than 95% is 90 BPS
- Annual premiums on terms equal to or less than 15 years with LTV equal to or less than 90% is 0 BPS. LTV greater than 90% is 25 BPS
- HECM loans UFMIP will be 200 BPS and the annual premium will be 125 BPS
Below is the link to the mortgagee letter:
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-28ml.pdf
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FHA now has minimum credit score and corresponding LTV eligibility requirements on most FHA programs.
Source: Mortgagee Letter 2010-29
Effective Date: October 4, 2010
| Credit Score | LTV Eligibility |
| 580 and above | Eligible for maximum financing |
| 500-579 | Eligible for 90% LTV financing |
| 500 and below | Not eligible for financing |
Below is the link to the mortgagee letter:
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-29ml.pdf
Tags: fha changes, fha changes october 4, fha credit score requirements, fha ltv changes, fha minimum credit score, fha premiums, fha ufmip
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