FHA 1 Year Moratorium on Risk Based Premiums

HUD has announced their 1 year Moratorium on Risk-Based Premiums to go into effect on all New Case Number Assignment dated on October 1, 2008 through September 30, 2009. The Moratorium has changed the Up-front MIP as follow: Ø Purchase Money Mortgage and Full Credit Qualifying Refinance = 1.75% Ø Streamline Refinance (all types) = 1.50% Ø FHASecure (Delinquent Mortgages) = 3.0% The Moratorium has change the Monthly MIP as follow: Ø Purchase Money Mortgage, Full Credit Qualifying Refinance, & Streamline Refinance = · >15 yrs LTV < 95% =.50 · >15yrs LTV >95% = .55 · <15yrs LTV < 90% = None · <15>90% = .25 Ø FHA Secure = · LTV < 95% = .50 · LTV > 95% = .55 For further information, please contact us at 972-278-3400. Linda