Good News for Home Buyers
FHA Reduces Annual MIP Rates by .50 Basis Points
A good start for 2015. Just recently HUD announced a reduction to their Annual MIP rate for loans with amortization terms longer than 15 years. What this means is not only the lowering of the annual premium by 50 basis points, but also the financed total loan amount. These changes will take effect for new FHA case numbers assigned on or after January 26th, 2015.
What does this really mean for Home Buyers?