Annual Mortgage Insurance Premium Rate Reduced

Dated: 01/10/2017

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The Federal Housing Administration (FHA) announced that it is reducing its annual Mortgage Insurance Premium (annual MIP) rates for most Title II forward mortgages with Closing/Disbursement dates on or after January 27, 2017. These annual MIP rate reductions will expand access to mortgage credit, and are expected to lower the cost of housing for the approximately 1 million households that use FHA annually.  

For example, on a $200K loan, above 95% Loan To Value, it will save borrowers approximately $41/mo, that’s almost $500/yr in savings.

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