FHA Changes - UFMIP increasing to 2.25%

FHA Changes - UFMIP increasing to 2.25%

You are probably all aware of the FHA changes which have been passed by Congress and will soon be in place. Deadlines are right around the corner, so here are some critical things you need to know:

– All FHA case numbers issued on or after Monday, April 5, 2010 will be subject to HUD’s increase in UFMIP to 2.25% (currently HUD’s UFMIP is 1.75%).

– The effective date falls on a Monday, therefore buyers really need to obtain their FHA case number by the preceding Friday, April 2, 2010.

– Since duplicate addresses (either the property being connected to a previous buyer, or our buyer being connected to a different property) may result in a delay in getting a FHA case number. Any FHA buyer who wants to eliminate any possibility of being charged the higher UFMIP should deliver their executed purchase agreement to their mortgage company as soon as possible - but no later then April 2nd.

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com