FHA Reduces Mortgage Insurance Premium Rates
January 9, 2017 HUD issued Mortgagee Letter 2017-1, Reduction of FHA Annual Mortgage Insurance Premium Rates. The new rates are effective with the closing or disbursement of mortgages on January 27, 2017.
The reduction applies to most new mortgages and equals 25 basis points – or one-quarter of a percentage point paid by borrowers. The FHA stated that the new premium rates should save homeowners an average of $500 the first year.
The mortgagee letter can be accessed here: https://portal.hud.gov/hudportal/documents/huddoc?id=17-01ml.pdf
Bankers Advisory, a CliftonLarsonAllen LLP Division, provides pre- and post-funding Quality Control services to comply with FHA guidelines. View our services brochure here: https://files.acrobat.com/a/preview/c04c2569-af29-4ae8-8b28-a8279b83b5d6
Anna DeSimone founded Bankers Advisory in 1986 and is a nationally recognized authority in residential mortgage lending. She has received numerous industry awards and has authored more than 40 best practices guides and hundreds of articles.
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