FHA lowers the annual MIP rates

Julie C. Nichols General

FHA has determined that the appropriate balance of its statutory operational goals now requires a reduction of the rate of annual MIP charged, effective for any FHA loans closed/funded January 27, 2017.

On a $200,000 loan, that lowers the monthly MIP charge from $140.65 down to $99.28 which will allow borrowers to qualify for slightly higher sales price.

>> View the full FHA memo here: https://portal.hud.gov/hudportal/documents/huddoc?id=17-01ml.pdf

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