FHA drops monthly MIP Fee: Breaking News

By
Mortgage and Lending with Mortgage Magic

First email I read this morning for one of our banks:

FHA just announced they lowered their monthly MIP effective on closing/disbursement dates on or after January 27, 2017. The FHA MIP dropped 25bps in most cases and even more in some other situations. This is a huge improvement!

How much improvement?  The monthly fee for a loan amount of $424,000 is $300.33 and that fee on new loans after January 27 will drop to $212.00 that is $88.33 a month ro $1059.96 per year. The .25 bps drop actually off sets the .25 increase the the Fed raised in December.

When fixed rates start to increase the banks and agencies have to make moves like this to continue to make their products attractive. Good Move FHA

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Mortgage / Finance

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
2,078,169
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Doug Jones Thanks for the latest FHA update on MIP reduction.

Jan 09, 2017 04:08 PM #1
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
306,714

Doug Jones

Mortgage Broker - NMLS 286668
Ask me a question
*
*
*
*
Spam prevention