The Federal Housing Administration (FHA) has just reduced the annual Mortgage Insurance Premium (MIP), which could mean additional savings for your customers.
The new change reduces the required annual FHA mortgage insurance premium from 1.35% to 0.85%. This lowers the cost of insurance for FHA loans and could mean a lower monthly payment for your customers.
What could this mean for you?
The new FHA premium could result in saving more than two million FHA homeowners an average of $900 annually* and will allow qualifying first time home buyers to enjoy the benefits of a more affordable FHA loan with lower costs.
HUD.GOV Press Release - HUD No. 15-001
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