Beginning July 14, 2008 the premium paid for mortgage insurance (MIP) on FHA backed loans. The monthly MIP will increase from .50 percent to .55 percent on all loans without a case number assigned before July 14, 2008. In addition, the Up-Front Mortgage Premiums will be based on risk (FICO scores) and Loan-to-Value ratios ranging from 1.5% to 2.25%. Some first time home buyers completing HUD-approved acounseling may reduce their Up-Front MIP by .25%. Read the entire content of HUD's Mortgagee Letter at http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/08-16ml.doc.
In short, if you're considering the purchase a property with an FHA loan in he near future, you can save money by applying for the loan and getting a case number assigned before July 14, 2008.