FHA is increasing the insurance premium charged on all their FHA-insured mortgages. The increase is going from 1 percent to 1.75 percent, effective April 9th. The annual FHA mortgage insurance premiums have also risen by one-tenth of a percent.
Your payments will increase by about $24 a month if you take out a $200,000 mortgage -- assuming you include the upfront charge in the financed amount. A fee increase for jumbo loans and some 15-year loans is coming in June.
This is the fourth fee increase in the last three years. HUD says it should increase FHA's reserves by more than $1 billion through the year 2013.
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