Alert: Upfront Mortgage Insurance Premiums To Increase April 5th!
FHA buyers should take note that as of April 5, 2010 upfront mortgage insurance premiums will increase. Insurance premiums are set to go to 2.25% from their current levels of 1.75%. This is significant change when you consider that the new rate will be 28.5 higher than the current upfront mortgage insurance premium on FHA loans.
If you are in the market for a new home and will be getting an FHA loan you should ask your lender to get you an FHA case number as soon as possible so that you can lock in the current rate. This usually takes place when the lender gets your loan approved so if that hasn't happened chances are that you do not have a case number yet. Your lender should be aware of the rate hike and should be willing to work with you in moving quickly.
If you need any help with this you can obviously feel free to call me and I will get you moving in the right direction. I will also be very happy to speak with your lender and make sure that everything in place for you.