Sorry guys as of Jan 20th - the rate reduction that was announced earlier has been suspended until further notice from the new administration. HUD has announced in its Mortgagee Letter 2017-01 that as of January 27, 2017, all of FHA loans will be subjected to a lower Annual Mortgage Insurance Premium (MIP) savings home buyers and home owners thousands of dollars. Highlights of the changes:
Closing/Disbursement Date of January 27, 2017
Unlike previous annual MIP rate adjustments, the new annual MIP rates are being applied based on the Closing/Disbursement date of the mortgage and not on the FHA case number assignment date:
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