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FHA loans will soon get more expensive.

Attention Buyers who are considering using an FHA mortgage loan!

FHA has announced three major changes to FHA Annual Mortgage Insurance Premium (paid monthly).    

1. As of April 1, 2013, annual MIP for all FHA loans will increase except streamline transactions that are refinancing loans endorsed by FHA on or before May 31, 2009.

2. As of June 3, 2013, annual MIP will be required on all FHA loans for a minimum 11 years up to full loan term (e.g., 30 years) even if the principal is paid down below 78%.

3. As of June 3, 2013, loans ≤ 15 years and less than 78% LTV (Loan to Value ratio) will no longer be exempt from Annual MIP.  

The effective dates of these items are for loans with FHA Case Numbers assigned on or after the dates listed above.

There are no changes to FHA Up Front Mortgage Insurance Premiums (UFMIP) at this time.

Sounds like you must HURRY!

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