As always, we want to keep you in the know on what’s going on in the real estate world, and if you’re planning to get an FHA loan after April 1, 2012, this is definitely something you should know!

Effective April 1, 2012, FHA is rolling out a new premium structure for FHA-insured single-family mortgage loans. Annual mortgage insurance premiums (MIP) will increase by 0.10% for loans under $625,500. In addition, upfront premiums (UFMIP) are increasing by 0.75%. After June 1, 2012, MIP for loans greater than $625,500 will increase by an additional 0.25%.

So what does this mean for you? Well, FHA estimates that increases to the upfront premium will cost new borrowers an average of approximately $5 per month.

These changes only apply to new borrowers. If you already have an FHA-insured mortgage, this doesn’t apply to you.

Got questions? We’re happy to help! Respond to this post, call us at 281- 861- 4624, or email Houston real estate expert Lance at lance@thelokengroup.com.

References: Hud.Gov