FHA MIP going up in 8 days

That's right, in just 8 short business days FHA is increasing the mortgage insurance premium from 1.75% to 2.25%. Although this premium is typically financed into the loan, it wil impact overall monthly mortgage payments due to the increased loan amount. The next shoe to drop from FHA could be an incease in down payments to 5.0%, so now is the time to get an FHA loan with 3.5% down if you are going to be buying a home this Spring or Summer.