Hot OFF The Press!
Exciting news regarding FHA MIP, (Monthly Insurance Premium)
In a move designed to bring more first-time home buyers back into the housing market, President Barack Obama said Wednesday that the Federal Housing Administration (FHA) will lower its annual insurance premiums from 1.35% to .85%.
The exact timing of the move is not yet known and no information has been provided by FHA regarding the eligible case number dates for the reduced MIP.
What we do know is this is a big step in making FHA mortgage loans more affordable and helping more qualified borrowers buy a home. We are monitoring this closely, says Kathy King from Ability Mortgage, and we will update the public as new information becomes available.
For the latest mortgage information, call Scott Cary at RE/MAX Executive (209) 402-8000