On January 9, 2017, the Federal Housing Administration (FHA) announced it would reduce FHA annual mortgage insurance premiums (MIP) by 25 basis points. This reduction is a victory for the National Association of REALTORS® whose members have called for lower fees on FHA loans given the ongoing strength of the Mutual Mortgage Insurance Fund, which exceeded the required reserve ratio for the second year in a row.
The premium reduction will be effective for most new mortgages with a closing/disbursement date on or after January 27, 2017 (excluding Section 247 Loans,… Read More
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