· The FHA backs loans to help protect lenders if a borrower defaults. Borrowers can get a loan with as little as 3.5% down, but the catch is they’re required to pay insurance premiums. insurance premiums on FHA-backed loans increased to 1.35% from 2010 to 2015.
Up Front Mortgage Insurance Fha HUD has set up a Mortgage Insurance Premium Refund Support Service Center where you can ask questions about mortgage insurance refunds. This phone number is 1-800-697-6967, or you can email firstname.lastname@example.org. fha streamline refinances and Mortgage Insurance Refunds. FHA streamline refinances opened before June 1 2009 may qualify for a reduced.
· Lenders Expect Benefits from the GSE 97% LTV Products and the FHA Mortgage Insurance Premium Reduction April 23, 2015 Late last year, Fannie Mae and Freddie Mac announced an expansion of the availability of certain loans with a maximum loan-to-value (LTV) ratio of 97%.
Tags: mortgage options & process fha mortgage insurance private. or refinance, prior to the reduction effective date of January 26, 2015.
· The MIP reduction also allowed FHA to expand access to credit by serving 75,000 new borrowers with credit scores of 680 or below. The economic health of the mmi fund improved significantly in FY 2015 with a net value of nearly $24 billion, an increase of $19 billion over FY 2014.
· .85% mortgage insurance fha drop january 2015 obama 1. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER www.hud.gov espanol.hud.gov Date: January 9, 2015 To: All Approved Mortgagees Mortgagee Letter 2015-01 Subject Reduction of Federal Housing Administration (FHA) annual Mortgage Insurance.You get an FHA 203(k) loan by applying through your bank, credit union or other lender. Not all lenders offer these loans. To find an approved lender, see HUD’s approved lender search here. It is also.
Effects of 2015’s FHA mortgage insurance premium reduction The beginning of 2015 brought with it a plan to jump-start first-time home purchases. president obama announced that the housing administration would drop the cost of Federal Housing Association (FHA)-insured loans to 0.85% from 1.35% for loans with less than 5% down payments.
FHA’s premium reduction took effect for mortgages with case numbers assigned on or after January 26, 2015, and did not affect loans that had already closed. Julin Castro, Secretary of the Department of Housing and Urban Development (HUD), said the reduction will save the average borrower $900 annually.
FHA mortgage insurance allows buyers and homeowners many. However, there are options for reducing the monthly mortgage insurance. "FHA loans" are mortgages insured by the federal housing administration (FHA), Beginning January 26th, 2015, if the loan-to-value is less than or equal to 95%, the cost of the MIP will go down as the loan balance is.