On January 9, 2017, the federal housing administration operating under the Obama administration announced a further reduction in the fha loan annual mortgage insurance premiums (MIP) for new loans. The change would affect most Title II FHA mortgage loans with a closing/disbursement date on or after January 27, 2017.
– A mortgagee letter was issued on Jan. 9 that would have reduced the annual mortgage insurance premium (MIP) by 25 basis points to 60 basis points for FHA-insured mortgages with less than a 5% down payment and to 55 basis points for mortgages with a down payment of 5% or more.
Suspension of Mortgagee Letter 2017-01 -Reduction of Federal Housing Administration (FHA) Annual Mortgage Insurance Premium (MIP) Rates. Purpose This Mortgagee Letter (ML) communicates that Mortgagee Letter 2017-01, reducing Mortgage Insurance Premiums for loans with Closing/Disbursement date on or after January 27, 2017, has been suspended.
As was being widely rumored yesterday, the newly installed Trump Administration has indefinitely suspended a scheduled reduction. new letter says "FHA will issue a subsequent Mortgagee Letter at a.
The accumulation of the fha mortgage insurance premiums are used to payoff lenders who have foreclosed on delinquent borrowers. FHA Annual Mortgage Insurance Premium "Reduction" 2017. – As per FHA Mortgagee Letter ML2017-01, the Annual MIP rates have been lowered, for mortgages with a Closing/Disbursement date on or after January 27, 2017.
Fha Loan To Build Certificate of Occupancy and fha loan guidelines – Certificate of Occupancy and FHA Loan Guidelines. by Sue Burns in Vestal, New York and by Gretchen in Hatillo, Puerto Rico Ask Kate if a certificate of occupancy is required by FHA loan guidelines: Home buyers want to buy a house that is a converted garage. Can they can get an FHA loan without a certificate of occupancy?
The cut had not taken effect when the Trump administration announced its intention to suspend the MI premium reduction, but in a letter addressed to Ben Carson, Trump’s choice to lead HUD, NAR said.
Update on Mortgage Insurance Cut: FHA to Allow Case Number Cancellation .. However, today’s letter has good news for borrowers already in process of getting their FHA loan.
For most borrowers, the rate reduction would have meant mortgage insurance premiums decrease. buying or refinancing with an FHA-backed mortgage loan in the future. Had the rate cut remained in. A letter. reduction and was disappointed it was announced in Obama’s final days in office.
Hud Max Loan Limits FHA loan limits are the maximum allowed loan amount for Federal Housing Administration loans. fha loans are federally insured mortgages designed for middle- and working-class Americans. Because the loans are insured, lenders provide excellent rates for first time homeowners and those with poor or no credit history.
We got a letter from intercontinental capital group about a MIP reduction on our FHA mortgage, and it looked official, but I assumed my husband already took care of it so I let my daughter draw on.
Fha Interest Only Loans What to ask mortgage lenders When comparing lenders, look for one that gathers enough information from you before recommending a particular type of loan. Ask about the pros and cons of fixed-rate.