FHA to increase mortgage insurance premiums one quarter of one point

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The Federal Housing Administration is increasing its annual mortgage insurance premium one quarter of one point on all 15-year and 30-year mortgages backed by the agency. The hike is in response to a congressional mandate that gave the FHA permission to increase premiums and keep its insurance fund liquid.

"These modest increases are one of several measures we are taking towards meeting the Congressionally mandated two percent reserve threshold, while allowing FHA to remain a valuable option for low- to moderate-income borrowers." Last April, the FHA increased their annual premiums by a quarter of a percentage point for the same reason.

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FHA Mortgage Rates Surpass Conventional Ones - Today's Mortgage & Real Estate News  · FHA Cash-out Refinances. Cash-out refinances backed by the federal housing administration (fha) reduce risk to lenders. That’s why homeowners with lower credit scores and higher debt-to-income ratios are more likely to qualify for the money they want.. In addition, FHA cash-outs have a maximum LTV of 85% instead of the 80% limit on most conventional cash-outs.

Increase to Annual Mortgage Insurance Premium Under Public Law 111-229(1)(b), FHA may adjust its mortgage insurance premium rates, as measured in basis points (bps), by Mortgagee Letter. The first table shows the previous and the new annual MIP rates by amortization term, base loan amount and LTV ratio. All MIPs in this table

The increase, one quarter of one point, will be applied to all 15-year and 30-year mortgages backed by the agency. – News from International Document Services Inc., issued by Send2Press Newswire

According to the FHA, it will cut the annual mortgage insurance premiums most borrowers will pay by one-quarter of a percentage point, or 25 basis points. The FHA said that it projects that its new premium rates will save new FHA-insured homeowners an average of $500 in 2017 alone.

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