![]() How these changes help low-income homebuyers and borrowers of color Here's what you can expect to pay based on your term length, loan amount, and loan-to-value ratio (LTV), according to HUD. These lower annual MIP rates will be available to those getting a new FHA mortgage on or after March 20, 2023. With this lower rate, homebuyers with new FHA mortgages will be able to save an average of $800 per year, according to the White House fact sheet. The typical borrower will pay 0.55% of their loan amount annually in mortgage insurance costs. When the reduced MIP rates go into effect on March 20, borrowers of new FHA mortgages will have access to the new annual MIP rates. ![]() Currently, most borrowers pay an annual MIP rate of 0.85%. The annual MIP is paid as a percentage of the borrower's loan amount, and how much an individual pays depends on how much they borrowed, their down payment, and the loan term. ![]() This change was made possible by the fact that the FHA's mortgage insurance fund has more than five time the reserves required by Congress, the White House fact sheet said. ![]() As we reduce housing costs for people with FHA mortgages, we continue our work to address longstanding disparities in homeownership." "Today, we are building on the steps we've taken to make homeownership more affordable, and HUD is acting to ensure people feel comfortable purchasing a home as they build toward their future. That means expanding access to wealth-building and home ownership," HUD Secretary Marcia L. "For this country to truly succeed, all Americans must have access to opportunity. The White House announced Wednesday that the US Department of Housing and Urban Development (HUD) will lower annual mortgage insurance premiums (MIP) on FHA mortgages, which are insured by HUD's Federal Housing Administration. Borrowers will now pay less for FHA mortgage insurance
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