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FHA-Guaranteed Loan Policy Changes are Coming

In a sweeping move, the Federal Housing Authority (FHA) has changed its policies, specifically the up-front costs, for obtaining an FHA-guaranteed loan. The changes include: Mortgage insurance premium (MIP) increase from 1.75% of the loan amount to 2.25.% Mortgage insurance premium, or MIP, is an insurance policy taken out by the lender, in this case, the government, to protect it against loan default.... [Read more]