reduction of fha annual mortgage insurance premium rates

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FHA Changes for 2016 On January 9, 2016 the Federal Housing Administration (FHA) announced the reduction of it’s annual Mortgage Insurance Premium (MIP) rates. Effective on or after January 26, 2016 FHA will reduce the premium from 1.35% to .85% a reduction of .5%.

FHA announced today that they are cutting annual premiums for mortgage insurance from 0.85 percent to 0.60 percent, a move the National Association of Realtors ® said breathes new life into the.

As of 2015, the FHA requires mortgage insurance premiums on homes. or less, your monthly payment will include 0.85 percent annual mortgage insurance.

Frequently Asked Questions. 1.. When will the FHA’s new annual premium rates take effect? The reduction is effective as of January 26, 2015.Borrowers with case numbers assigned on and after January 26, 2015 will be eligible for reduced annual mortgage insurance premiums.

Based on a 2016 median sales price of $185,000 nationwide for homes sold to buyers using an FHA loan, a monthly house payment — including property insurance and property taxes — at the current.

If you have an FHA-insured mortgage approved before 6/1/09, an FHA streamline. to a fixed-rate mortgage works for this) or will reduce your total monthly payment. Here's the breakdown on annual mortgage insurance premiums: If you are.

An FHA insured loan is a US Federal Housing Administration mortgage insurance backed. The borrower, who pays an insurance premium of one half of 1 percent on.. by FHA, and thus may increase or decrease over the term of the loan.. The 3/1 and 5/1 FHA Hybrid products allow up to a 1% annual interest rate.

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Even though the FHA is reducing its mortgage insurance premiums, lower the annual premium on its mortgage insurance from 1.35% of the.

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The decline mainly reflects a reduction. insurance fees totaled $7.0 million, up $0.5 million, or 7%, linked-quarter. Fees from secondary mortgage operations totaled $5.7 million for the third.

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Mortgage Rates Jan. 19: higher; trump Could Repeal FHA Mortgage Insurance Premium Cut – The reduction, which would cut annual mortgage insurance premiums on most FHA loans by a quarter of a percent. Homeowners looking to lower their mortgage rate can shop for refinance lenders here..

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