HUD Lowers FHA MIP by a Quarter Point
Mortgage insurance premiums on FHA-backed loans will be lower by 25 basis points on loans endorsed starting January 27. The new premium schedule is expected to save the average home buyer $500 a year in insurance costs. Under the new schedule, a home purchase with a base loan amount of up to $625,000, with an 85% loan-to-value ratio and a 30-year loan term, will require an annual mortgage insurance premium of 55 basis points, down from 80 basis points.
Read article - Realtor Magazine
Mortgage insurance premiums on FHA-backed loans will be lower by 25 basis points on loans endorsed starting January 27. The new premium schedule is expected to save the average home buyer $500 a year in insurance costs. Under the new schedule, a home purchase with a base loan amount of up to $625,000, with an 85% loan-to-value ratio and a 30-year loan term, will require an annual mortgage insurance premium of 55 basis points, down from 80 basis points.
Read article - Realtor Magazine
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