Time to Lock That Loan; Required Changes to FHA Lending Guidelines Coming
Compliments of Ann Swanson and McClain Bank, Norman, OK:
For all loans for which the lender orders the FHA case number on April 5, 2010 or after, the UpFront Mortgage Insurance (UFMIP) goes from 1.75% to 2.25%.
If you have an existing sales contract pending, you may want to check with your customer’s lender to see that the appraisal and FHA case number are ordered before Monday, April 5th; otherwise, the UFMIP will be increased to 2.25%.