FHA Increasing Mortgage Insurance Rates In April 2012
From the US Department of Housing and Urban Development's website:
"WASHINGTON – As part of ongoing efforts to encourage the return of private capital in the residential mortgage market and strengthen the Federal Housing Administration’s (FHA) Mutual Mortgage Insurance Fund, Acting FHA Commissioner Carol Galante today announced a new premium structure for FHA-insured single family mortgage loans. FHA will increase its annual mortgage insurance premium (MIP) by 0.10 percent for loans under $625,500 and by 0.35 percent for loans above that amount. Upfront premiums (UFMIP) will also increase by 0.75 percent.
These premium changes wi...
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Many mortgage lenders have recently adopted a policy of not requiring a current as-built survey to be obtained in connection with their loan. They have adopted this policy because most title insurance companies have recently agreed to insure them (the lender) against loss or damage for matters which would have been disclosed by a survey of the property. Unfortunately, most title insurance companies have not agreed to provide owners with the same survey coverage unless a current survey is obtained.