FHA Mortgage Insurance Premium Reduced January 27, 2017
FHA Mortgage Insurance Premium reduced January 27, 2017 by 0.25% on new FHA Loans. Monday January 9, 2017 HUD secretary Julian Castro announced FHA will reduce the annual mortgage insurance premium most borrower’s pay by 0.25% for new FHA loans originated on/or after January 27, 2017. Call 302-703-0727 to apply for a FHA Loan or APPLY ONLINE
2016 marked the fourth consecutive year that the FHA Mutual Mortgage insurance fund has grown and now has sufficient reserves with the capital ratio at 2.32 percent of all insurance in force which is above the 2% requirement. The drop in mortgage insurance premium comes at a time when consumers are facing higher credit costs as mortgage rates are increasing.