Breaking Mortgage News: FHA to Hike Mortgage Insurance Premiums
Other changes, fees aimed at shoring up agency’s finances
The Federal Housing Administration announced Wednesday that it will increase the mortgage insurance premiums it charges as part of several steps being taken to shore up its finances.
The agency also will require borrowers to pay mortgage insurance for the life of the loan.
Annual mortgage insurance premiums will rise by 0.10 percent for most new mortgages and 0.05 percent for loans of $625,500 or more.