February 12th, 2013 9:48 AM by Sam Kader
HUD recently accounced with the mortgagee letter 2013-04 that starting April 1, FHA's annual mortgage-insurance premiums for most new loans will jump by one-tenth of a percentage point or 10 basis points. See schedule below.
Effective June 3 - FHA announced that it will no longer allow mortgage-insurance cancellation once the loan-to-value declines to 78% of the original loan amount. Borrowers with below 620 credit scores and 43 percent debt-to-income ratio will receive a downgrade to "manual" underwriting - which means that the file will gets closer scrutiny by the underwriter.
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