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FHA lowers Annual MIP Rate


Brian B The Loan Professor
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HUD announced that all loans closing on or after 1/27/17 the annual mip rate for standard FHA loans will be reduced by .25 (1/4%)

 

For loans with less than 5% down the new rate will be .60 (currently it is .85%)

 

For High Balance loans it will drop .55%

For 5% or less down it is.60% down from the 1.05% it currently sits at

 

This is a nice drop that will allow them to stay competitive in the market -

 

 

 

BrianBTheLoanProfessor

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1/4% on 200k a year is a nice savings - thats $500 a year - This comes at a good time - especially for those caught up in the rising rates in the last month -

If possible delaying would make sense - not sure sellers would all agree!

 

In my professional opinion FHA needed to adjust from the hit they took when they made PMI for the life of the loan - this makes them a little more competitive in a slowing market - the refi boom is done - they will have to compete on purchases

 

Take Care

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haha! After I read this, I went to my email to message my loan officer, and there was a message from her! She advises that we should reschedule for the 27th. This will save us $25 a month, so $9000 over the life of the loan. I think for one day, that's a pretty good amount. We have to have our realtor clear it with the sellers though, but since they originally wanted the 30th as a closing date, I am feeling good about it. :)

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My loan officer messaged us the other day and said that Trump has indicated that halting this change is one of the first things he will do. More than likely, it is not going to happen.

 

I read something like this yesterday also. It was in the Internet so it has to be true. :P

 

I guess we will see.

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My loan officer messaged us the other day and said that Trump has indicated that halting this change is one of the first things he will do. More than likely, it is not going to happen.

I read something like this yesterday also. It was in the Internet so it has to be true. :P

 

I guess we will see.

We saw. :P

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My loan officer messaged us the other day and said that Trump has indicated that halting this change is one of the first things he will do. More than likely, it is not going to happen.

I read something like this yesterday also. It was in the Internet so it has to be true. :P

 

I guess we will see.

We saw. :P

 

 

Well, like I said, it was on the Internet.

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