FHA is taking steps to try to bolster it’s capital reserves.
…it’s increasing the amount of it’s up front and monthly MIP.
FHA’s up front MIP is going from 1% to 1.75%.
FHA is also increasing it’s monthly MIP from 1% to 1.1%.
These changes are taking place on April 1st of 2012.
…So, if you have an FHA loan and you were considering refinancing – do it in March!
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Thanks for reading, and have a great day!
Brett