FHA Mortgage Insurance Changes
Effective January 27, 2017, annual FHA mortgage insurance premiums are lowering. FHA buyers will see a lower payment if closing on or after January 27.
UPDATE: On Friday, January 20, 2017, HUD suspended the announced rate cut indefinitely. We will keep this page updated if anything changes.
The annual mortgage insurance premium for most FHA loans closing on or after January 27, 2017, will have an MIP rate of 0.60% - down from 0.85%. A $200,000 purchase price with 3.5% down for 30 years would see a reduction in monthly payment of approximately $40.21 if the FHA loan closed after January 27, 2017 versus closing before then.
Annual FHA premiums for all FHA loans can be calculated using our FHA mortgage payment calculator.
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