June 6th, 2017 8:42 AM by Troy Ford, Jr
The Department of Housing and Urban Development has announced a reduction in Annual Mortgage Insurance Premiums (MIP), to take effect for FHA loans with a funding date on or after January 27, 2017. This premium applies monthly and is included in your monthly FHA mortgage payment. The reduction in monthly MIP for most FHA loans is 25 basis points (0.250%). Certain FHA monthly premiums have decreased by as much as 0.450%.
The result is that an FHA mortgage is now a much more competitive product for loans requiring mortgage insurance, and in many cases FHA now compares very favorably with conventional mortgage insurance.
For more information, please contact Margie Hofberg at 240-428-1650 x112, or email her at Margie@rmcenter.com.
Kindly,Steven Hofberg Operations Manager Residential Mortgage Center Inc.