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FHA Mortgage Insurance Reduced January 27
FHA Mortgage Insurance Reduced January 27
     HUD has announced that as of January 27, 2017, all FHA loans will be subject to a reduced PMI rate, saving home buyers and home owners potentially thousands of dollars over current rates.
     For those with FHA loans set to close prior to 1/27, it would be wise to hold off if possible to take advantage of the reduced rates, as the changes will be effective for all loans closed with funds disbursed on or after January 27, but loans closed in the interim are subject to current rates.  
     Why they don't make these changes effective immediately is beyond me as it is sure to cause frustration for folks using FHA with closing dates between today & January 27, and there is of course still the down side to FHA mortgage insurance remaining present for the life of the FHA loan, but all in all, this is a very positive industry change, and reflects that the FHA insurance fund has reached a capacity reflective of a market with few defaults.  
     With loan amounts for Conventional & FHA loans increasing for 2017, and now mortgage insurance for FHA loans being ... more

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