FHA Annual Mortgage Insurance Premium "Reduction" 2017. – As per FHA mortgagee letter ml2017-01, the Annual MIP rates have been lowered, for mortgages with a Closing/Disbursement date on or after January 27, 2017. closing/disbursement date refers to the later of the date of the signing of the Mortgage, or the date of disbursement of the loan proceeds, as is entered in FHA Connection.
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We got a letter from InterContinental Capital Group about a MIP reduction on our FHA mortgage, and it looked official, but I assumed my husband already took care of it so I let my daughter draw on.
As per FHA Mortgagee Letter ML2017-01, the Annual MIP rates have been lowered, for mortgages with a Closing/Disbursement date on or after January 27, 2017. Closing/Disbursement date refers to the later of the date of the signing of the Mortgage, or the date of disbursement of the loan proceeds, as is entered in FHA Connection.
On January 9, 2017, the Federal Housing Administration operating under the Obama administration announced a further reduction in the FHA loan annual mortgage insurance premiums (MIP) for new loans. The change would affect most Title II FHA mortgage loans with a closing/disbursement date on or after January 27, 2017.
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Millions of homeowners we’re going to see a reduction in FHA MIP fee’s that would save the average fha homeowner $500 per year. Borrowers who are able to put a downpayment over 10% on an FHA loan with pay PMI for 11 years on a 30 yr fixed mortgage.
The FHA/HUD official site has announced changes to the FHA MIP fee structure for 2017. According to the latest FHA mortgagee letter, "FHA continuously strives to achieve the appropriate balance between meeting the housing needs of the borrowers that FHA’s mortgage insurance programs were created to serve, and also the requirement of minimizing the level of risk to the Mutual Mortgage Insurance Fund undertaken relative to the insurance of those mortgages."
The lower insurance premium takes effect on January 27, 2017. FHA to Reduce Annual Mortgage Insurance Premium (MIP) in 2017. Rising home values and mortgage rates have put the squeeze on home buyers lately, and have reduced mortgage loan application volume as well.