Effective for case numbers assigned on our after July 14, 2008 mortgage insurance will change on FHA Title II Loans. Attached is the link to a PDF format of the Bill. Please notice that they eliminated the source of down payment from the original proposal as a determining factor for MI. This is good news for DPA programs and new home owners. The bill also eliminated from the original proposal the restrictions for nontraditional credit eligible for 97% LTV.
The upfront MI depending on FICO score and LTV ranges from 1.25 to 2.25 . The monthly will be .55%-50% depending on LTV. http://portal.hud.gov/pls/portal/docs/PAGE/FHA/IMAGE_LIBRARY/5171-N-02%20RBP%20FINNTC%20TO%20PUBLISH%20%205-13-08%20.PDF
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