FHA Reduces Annual Mortgage Insurance Premium
Beginning January 27, 2017, the annual FHA mortgage insurance is lowering to 0.60% from 0.85% for most FHA loans.
The most current FHA mortgage insurance premium update can be found here.
Good news for FHA home buyers. Beginning January 27, 2017, the annual FHA mortgage insurance premium, which is paid monthly as part of your payment, will decrease on newly originated FHA loans.
Our FHA payment calculator has been updated to reflect this change. Click here.
The lower MIP rate is effective for FHA loans closing on or after January 27, 2017, on FHA loans with terms greater than 15 years.
If you purchase a new $200,000 home with an FHA loan and put down the minimum 3.5% down payment, the monthly savings resulting from the lower FHA MIP is approximately $40 per month.
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