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As per FHA Mortgagee Letter ML2017-01, the Annual MIP rates have been lowered, for mortgages with a Closing/Disbursement date on or after January 27, 2017. Closing/Disbursement date refers to the later of the date of the signing of the Mortgage, or the date of disbursement of the loan proceeds, as is entered in FHA Connection.
On January 9, 2017, the Department of Housing and Urban Development (HUD) announced that it would reduce the annual mortgage insurance premium for most FHA loans in 2017. As HUD officials stated, this is a modest reduction that "expands credit access and reflects improved economic health of FHA."
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The borrower is required to make an FHA Up Front Mortgage Insurance Premium payment as part. 2017. FHA MIP Rates For 2017: revised. mortgages ." "FHA has determined that the appropriate balance of its statutory operational goals now requires a reduction of the rate of annual MIP charged.
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FHA loans with terms of 15 years or less qualify for reduced MIP, as low as 0.45% annually. In addition, there is an upfront mortgage insurance premium (UFMIP) required for FHA loans equal to 1.75%.
With the reduction, they are hoping to expand homeownership and save money for existing borrowers. The MIP will be reduced by 25 basis points for most new mortgages with a closing or disbursement date on or after January 27, 2017.
Administration (FHA) Annual Mortgage Insurance Premium (MIP) Rates Purpose This Mortgagee Letter (ML) communicates that Mortgagee Letter 2017-01, reducing Mortgage Insurance Premiums for loans with Closing/Disbursement date on or after January 27, 2017, has been suspended indefinitely.
The FHA/HUD official site has announced new, lower FHA loan mortgage insurance premiums for 2017. The new changes affect most FHA mortgage loans except for those made for properties in the Hawaiian Homelands and is effective for all Title II FHA mortgage loans with a closing/disbursement date on or after January 27, 2017.
Mortgage Insurance (MIP) for FHA Insured Loan Mortgage insurance is a policy that protects lenders against losses that result from defaults on home mortgages. FHA requires both upfront and annual mortgage insurance for all borrowers, regardless of the amount of down payment.