All FHA loans have an upfront mortgage insurance premium (UFMIP) amount that is added to the loan balance in addition to a monthly mortgage insurance premium which is included in the payment. HUD announced that on April 18, 2011 that UFMIP will be going up and the monthly mortgage insurance premium amounts will be going up as well. If you are a first time buyer or considering refinancing your existing FHA loan, now is the time act, since monthly payments will increase when this change becomes effective.
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