reduce fha mortgage insurance

FHA To Reduce Monthly Mortgage Insurance This page updated and accurate as of August 17, 2019 FHA Mortgage Source Housing and Urban Development (HUD) announced today that FHA would REDUCE monthly mortgage insurance fees by more than 1/3, from 1.35% of the loan amount down to .85 percent.

FHA could have, but did not, lower that fee. Why’s that significant? Because unlike private mortgage insurance, which by federal statute can be canceled once a borrower’s equity position reaches 20.

FHA To Reduce Monthly Mortgage Insurance – Stay tuned into out FHA news page here as there will be more details provided soon on the lower mortgage insurance costs and FHA refinance benefits. Florida home buyers that have questions can reach out to us 7 days a week by calling 800-743-7556, or just submit the quick Info Request Form on this page.

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"I just got an FHA loan last May. Do I qualify for an MIP reduction when it happens?" This is in reference to the January 2015 FHA announcement stating that annual fha mortgage insurance premiums would be reduced, amounting to a savings as much as $900 per year according to a speech by President Barack Obama.

As of January 26, 2015, the FHA has lowered the Mortgage Insurance premium from 1.35% to .85%, helping over 800,000 American’s Refinance into lower payments. See if your home qualifies for a Refinance today.

How To Cancel FHA Mortgage Insurance (MIP / PMI) In an effort to make homeownership more accessible and sustainable, president obama announced last week the Federal housing administration (fha) will reduce annual mortgage insurance premiums by 0.5.

FHA Streamline Refinances and Mortgage Insurance Refunds. FHA streamline refinances opened before June 1 2009 may qualify for a reduced upfront MIP of 0.01%. In this case, no FHA MIP refund is available since the refund would be bigger than the UFMIP cost.

California Realtors, especially those in Visalia, Tulare, and Porterville where many homes are financed with FHA loans, were thrilled with the news. “The move by HUD Secretary Castro to lower the.

home refinance rates 15 year fixed The interest rate table below is updated daily, Monday through Friday, to give you the most current rates when refinancing a home loan. Use our mortgage calculator to get a customized estimate of your mortgage rate and monthly payment. Try our Home Value Estimator to discover your home’s value.

Mortgage insurance for conventional loans is called private mortgage insurance or PMI (conventional loans are loans that are not part of government programs like FHA). PMI is required if your LTV is above 80% (meaning your down payment was less than 20%).