For FHA loans assigned on or after April 5, 2010, the upfront mortgage insurance premium (UFMIP) is increasing from 1.75% to 2.25%.
If you’re on the fence about refinancing into an FHA loan, or are currently still working on negotiations for a purchase, there are only a few short days left before you will be affected by this increase. The UFMIP is based on loan amount, so if your loan amount is $400,000, the UFMIP will increase from $7000.00 to $9000.00.
