Congress has voted on a proposal to increase the cost of FHA mortgage insurance on a monthly basis. This change will decrease the Up Front Mortgage Insurance premiums, while increasing the monthly borrower paid Mortgage Insurance, based on a tiered cost, depending on the loan amount.
This short video explains the changes:
So, Atlanta FHA loans are set to increase for new loans with case numbers issued after September 7. Be prepared as you make plans to buy a new home with FHA financing; and plan accordingly.
Aug. 10 UPDATE: HUD announced today that the Mortgage Insurance Premium changes will take effect for new case numbers issued on or after October 4, not on September 7 as originally announced.