03/13/2023
https://zenlist.com/a/gabriela.huzvar
HUD Announces Cheaper FHA Mortgage Insurance Premiums
Here's some good news for your prospective buyers, especially those worried about affordability.
Recently, the Department of Housing and Urban Development (HUD) announced a 30-basis point reduction to the annual mortgage insurance premiums (MIP) for FHA loans. This translates into around $800 in savings annually for buyers of homes priced at $265,000. FHA loan borrowers who purchase homes priced at $467,700 – the national median home price as of December 2022 – will save over $1,400 annually, thanks to the new MIP reduction. These lower MIP rates will also enable me to qualify more of your FHA loan applicants.1