HUD recently announced changes in the mortgage insurance premiums that borrowers using FHA financing will be charged; in response to industry complaints about the short time frame provided for implementing those changes, HUD has agreed to postpone that implementation by one month.
Specifically, in a letter released today (PDF), HUD has announced that those changes will only go into effect for case numbers issued on or after October 4, 2010, rather than September 7th as originally announced.
As noted before, case numbers are assigned to a specific borrower for a specific property, so borrowers who have a specific property identified to purchase or refinance can contact their lender to inquire about getting a case number assigned for them before the new deadline of 10/4/10 in order to avoid paying the higher premiums that this change will cause.
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