When is the official start date for the new ‘life-of-the-loan’ MIP requirement you ask?
According to the FHA, the date for loans “with FHA case numbers assigned on or after June 3, 2013,” is when “FHA will collect the annual MIP for the maximum duration permitted under statute.”
Additional changes are already in place for FHA mortgage insurance. As of April 1, 2013 FHA has increased its annual mortgage insurance premium (MIP) for most new mortgages by 10 basis points or by 0.10 percent. FHA has increased premiums on jumbo mortgages ($625,500 or larger) by 5 basis points or 0.05 percent, to the maximum authorized annual mortgage insurance premium.
According to FHA.com “These premium increases exclude certain streamline refinance transactions.”
To learn more about the policy changes mentioned here, discuss the issue with your loan officer or contact the FHA directly at 1-800 CALL FHA.