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FHA lowers MIP (Mortgage Insurance Premiums) beginning March 20, 2023

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Mortgage and Lending with VanDyk Mortgage - VA, FHA, Conventional, VA Jumbo, Jumbo, Purchase Loans, & Refinance, Direct Lender NMLS 220268 / 3035

FHA lowers MIP (Mortgage Insurance Premiums) beginning March 20, 2023

The Federal Housing Administration delivered some good news today - they are lowering the FHA Mortgage Insurance Premium by 30 bps!  The typical FHA MIP rate has been .85% for many years and now FHA will be lowering this to .55% starting on March 20th, 2023. 

You do not have to wait to fund your loan until March 20th, this is the date they will start "endorsing" FHA Loans at the lower PMI /MIP rate.  That is when the Lender gets their FHA "Guaranty" in place.  

Please visit https://governmentloanpros.com/blog/fha-reduces-mortgage-insurance-for-home-buyers/  for full details on the FHA Changes!

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