BRIEFING: Higher FHA Mortgage Insurance Fees For Longer As Of April 2013

On Thursday, HUD announced that they’d be increasing FHA mortgage insurance fees as of April 1 and would be increasing the minimum time a borrower must hold mortgage insurance as of June 3.

The tables below summarize each set of changes.

FHA loan borrowers must have an FHA Case Number before these dates to fall under the present rules before these increases. To have a Case Number, borrowers must apply for a loan with a lender and that lender must formally disclose the loan per Federal disclosure rules.

To get a Case Number in time for the April 1 deadline, borrowers should plan to apply with a lender no later than March 25. To get a Case Number in time for the June 3 deadline, borrowers should plan to apply with a lender no later than May 24.

INCREASES TO FHA MORTGAGE INSURANCE PREMIUMS

CHANGES TO FHA MORTGAGE INSURANCE CANCELLATION ELIGIBILITY

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Reference:
- Official 1/31/13 HUD announcement increasing FHA mortgage insurance