Changes to FHA Mortgages!

On September 7, 2010, FHA will be changing the Mortgage Insurance Premiums that they charge to borrowers using FHA financing. 

They will be decreasing the Up-Front Mortgage Insurance Premium from 2.25% to 1.0 (usually financed), but increasing the monthly Mortgage Insurance from 0.55% to 0.85% - 0.90% annually.

The monthly Mortgage Insurance change will increase a borrower's monthly payment approximately $22 per $100,000 borrowed at today's interest rates.