One Last Cut To FHA Premiums
The annual premium paid by borrowers on mortgages backed by the Federal Housing Administration (FHA) is going down by a quarter of a percent. Housing and Urban Development (HUD) Secretary Julian Castro announced January 9, 2017 that the annual mortgage insurance premium (MIP) will be reduced by 25 basis points for most new mortgages with a closing date on or after January 27, 2017.
Also, single family conventional loan limits have increased from $417,000 to $424,100 which allows for better rate/terms.
The reduction is expected to save new FHA insured homeowners an average of $500.00 this year.
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Chris Whalen, CPA
(732) 673-0510
79 Oak Hill Road
Red Bank, NJ 07701
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