Just wanted to share some super new exciting real estate news for individuals and families across our country... The Federal Housing Administration (FHA) published Mortgagee Letter 2015-01, Reduction of FHA Annual MIP Rates and Temporary Case Cancellation Authority. This Mortgagee Letter implements the 50 basis point (0.50%) reduction in FHA’s annual Mortgage Insurance Premium (annual MIP) rates for most Single Family Title II forward mortgages announced by the President of the United States on January 8, 2015. This rate reduction furthers the Administration’s and FHA’s ongoing goal to prudently expand access to mortgage credit for individuals and families across a range of incomes. The annual MIP rate reduction is effective for FHA Case Numbers assigned on and after January 26, 2015 for most Title II forward mortgages with amortization terms greater than 15 years. Today’s Mortgagee Letter includes a table which shows the current and new annual MIP rates by amortization term, base loan amount, and loan-to-value ratio. The rate reductions have also been incorporated into FHA’s Mortgage Insurance Premiums table for forward mortgages. This updated Mortgage Insurance Premiums table will be integrated into FHA’s Single Family Housing Policy Handbook (HUD Handbook 4000.1) at the next available update. Whether you decide to buy or not- knowledge is power. Though, Why is now truly is an exciting time to buy? Lower insurance premiums for FHA loans, new conventional 3% down program for first time home buyers, free down payment assistance programs and rates last week were the lowest they have been in 19 months.
Posted on: Wed, 14 Jan 2015 03:04:37 +0000
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