FHA REDUCED MIP TO LOWER MONTHLY PAYMENTS ON NEW LOANS

FHA REDUCED MIP TO LOWER MONTHLY PAYMENTS ON NEW LOANS

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FHA MIP Rates For 2017: Revised

Jan 11, 2017By FHA.Com Staff WriterNo Comments

The FHA/HUD official site has announced changes to the FHA MIP fee structure for 2017. According to the latest FHA mortgagee letter, “FHA continuously strives to achieve the appropriate balance between meeting the housing needs of the borrowers that FHA’s mortgage insurance programs were created to serve, and also the requirement of minimizing the level of risk to the Mutual Mortgage Insurance Fund undertaken relative to the insurance of those mortgages.”

“FHA has determined that the appropriate balance of its statutory operational goals now requires a reduction of the rate of annual MIP charged pursuant to Section 203(c)(2)(B) of the National Housing Act (NHA). As provided in this ML, the total annual MIP charged pursuant to NHA sections 203(c)(2)(B) and (C) for most Title II Single Family forward mortgages has been revised.”

The new MIP rates eliminate “the distinction in rates based on the base loan amount” according to the mortgagee letter. The FHA and HUD have released a new FHA MIP chart showing the new rates.  It's been reduced from .85 to .55. SANDY.SEEKORSELL.COM


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