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FHA changes will take effect 04/01/2013!

For any clients putting down less than 10% the MI (mortgage insurance) factor will be 1.35% and will remain on the loan for the life of the loan.

For all case numbers ordered after June 3rd, 2013 the MI will stay on the loan for the life of the loan. A loan can close after June 3rd, 2013 and not have the MI remain on the loan for the life of the loan as long as the case number has been ordered before June 3rd.

RULE OF THUMB:

· You have until March 29th, 2013 to have your loan submitted, with a valid contract to underwriting, to avoid the increase in MI.

· You have until May 31st, 2013 to have your loan submitted, with a valid contract to underwriting, to avoid the increase in MI to remain for the life of the loan.

For a more detailed breakdown, visit:

http://www.mortgagenewsdaily.com/02272012_fha_mortgage_insurance_fees.asp

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