Federal Housing Administration (FHA) Announces Reduced Annual Mortgage Insurance Premium (MIP)
Dear Licensed Partner,
On January 9, 2015, FHA released Mortgage Letter 15-01 reducing the annual MIP rates by .5 percentage points, effective on loans with terms greater than 15 years and case numbers assigned on or after January 26, 2015.
This new rate will not be applicable for the below programs:
The new annual MIP rates can be referenced using the table below:
FHA will allow mortgagees to cancel existing case numbers within 30 days of the effective date of the Mortgagee Letter 15-01 and to reassign new case numbers as a benefit to the borrower.
If you have any questions, please contact your Client Relations Manager at (855) OK-SUNWEST or (855) 657-8693.
This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.