The US Department of Housing and Urban Development has announced that the Upfront Mortgage Insurance Premium (UFMIP) that is required for all FHA loans will increase to 2.25%, effective with all FHA case assignments beginning on April 5, 2010.
This means that home buyers of Downtown San Diego Condos and Lofts needs to have this in mind if purchasing on or after the fifth of this month.
The UFMIP was previously 1.75% for full doc loans, and 1.50 for Streamline loans.
Please note that the UFMIP is included in two places on the new GFE (be sure to include the higher amount for case assignments after 4/4/10, as it is not a valid changed circumstance):
- Page 1, Summary of your loan, under Your initial loan amount is (if the UFMIP is being financed)
- Page 2, Your Charges for all other settlement services,
- Line 3, Required services that we select (regardless of whether the UFMIP is being financed)
To read more about the rules visit the US Department here.
To read 92101 Urban Living’s former blogs please click on How to Qualify for FHA Approval in Downtown San Diego! and VA Approved Condos & Lofts in Downtown San Diego! ')}