HUD, through the FHA, will reduce its annual mortgage insurance premium (MIP), which is borrower paid in monthly installments, from 0.85% to 0.55% for most new borrowers. The change will go into effect March 20, 2023 and what this means to FHA customers is a potential savings on average of $800 per year. This change is estimated to help lower monthly housing costs to well over 800,000 homeowners and is something real estate and mortgage industry leaders have been working to get implemented for the last two years. It’s time to send those thank you notes to our elected officials and celebrate lower housing costs for FHA home loan customers!
Please see today’s National Mortgage Professional announcement article for more details:
- National Mortgage Professional – Authored by: David Krechevsky – Published: FEB 22, 2023