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FHA lowered the mortgage insurance-SO WHAT?
FHA lowered the mortgage insurance-SO WHAT?
 
You may have read or heard that FHA has lowered their annual mortgage insurance premium for loans CLOSED after January 29th.  
UPDATE 1/18/2017  The Trump administration is postponing the change and could rescind it, leaving the MIP as it stands. Of course, they could also completely change anything else. Stay tuned! 
What the heck is annual mortgage insurance and what does the change mean in real numbers?
FHA loans have two different mortgage insurance premiums.
 
The first is an up front mortgage insurance premium (UFMIP).  This number has changed over the years but as of this writing, the up front premium is 1.75% of the loan amount. It is a one time cost.  This amount gets financed into the FHA  loan.  This means for every $100K in loan amount, the borrower will finance an additional $1750.  This is a one time fee and that has not changed (at least as of this writing.)
 
The second type is called a Mortgage Insurance Premium (MIP).  This is calculated by multiplying the going MIP factor by the loan amount and dividing that number into 12 monthly payments.   On both 15 and 30 year loans, this is paid for the life of the loan if the ... more

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