Implementation of the new plan is delayed until October 1st.
After announcing last week that it was lowering upfront insurance premiums
from 2.25% to 1.0% on Sept. 7, the Federal Housing Administration said it’s pushing back implementation until October.
“Based on industry feedback and our desire to have this change implemented successfully in the marketplace, FHA will make the premium fee changes on all new case numbers effective October 4, 2010,” said Vicki Bott, Deputy Assistant Secretary for the Housing and Urban Development.
For details on the upcoming changes, see our earlier post, “Congress has passed H.R. 5981 – FHA Mortgage Insurance Changes…” Posted on August 5th, 2010