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NEXTA
FHA Makes Changes to the Mortgage Insurance Premium
By Leesa Sandoval
HUD recently announced in Mortgagee Letter 2013-04 that any FHA case number issued on or after April 1, 2013 will be subject to an increased annual mortgage insurance premium (MIP) along with a new cancellation policy. Streamlined refinances where the case number was endorsed on or before May 31, 2009 would be an exception to this rule. What this basically means is that now would be the time to act if you are considering an FHA purchase or refinance!
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