ANNOUNCEMENT 08-09

NEW FHA MORTGAGE INSURANCE PREMIUMS

On June 11, HUD announced changes to the mortgage insurance premium required on FHA mortgages in Mortgagee Letter 2008-16.  These changes apply to purchase and refinance transactions on one- to four-unit mortgages with FHA case numbers assigned on or after July 14, 2008.

A copy of the entire Mortgagee Letter can be found here:  www.fhaok.com/documents/08-16.pdf

A chart showing the new upfront and annual renewal (monthly) mortgage insurance premiums can be found here: www.fhaok.com/pages/MIP.htm.

If you have any questions, please contact your Account Executive.  A complete list of contact information for all AEs and other staff can be found at www.fhaok.com/pages/directory.htm.

Thanks,

Noel M. Chapman, EVP