Thursday , 21 January 2021

Update on Mortgage Insurance Cut: FHA to Allow Case Number Cancellation

By Jann Swanson

Posted To: MND NewsWire

Details and clarifications are now available for lenders and borrowers regarding President Obama’s Thursday announcement of reduced FHA mortgage insurance premiums (MIP). In addition to fine-turning details about eligibility, a Mortgagee Letter released by the Department of Housing and Urban Development this morning has some good news for borrowers currently in the process of getting a loan. According to the executive order announced yesterday FHA will almost immediately cut .5 percent from the annual premium for the FHA backed loans with terms greater than 15yrs. For most FHA loans this will reduce the annual premium from 1.35 percent of the loan balance to .85 percent. Loans with balances above the loan limits in effect in most areas and with current MIP of 1.50 to 1.55 percent will see new…(read more)

Forward this article via email: Send a copy of this story to someone you know that may want to read it.

Via:: Update on Mortgage Insurance Cut: FHA to Allow Case Number Cancellation

      

Comments

About Mortgage News Daily

Mortgage News Daily

Check Also

The Richest Appraiser in Babylon

If you’ve not read “The Richest Man In Babylon” by George S. Clason, stop reading …