FHA mortgage insurance premiums won’t be going down in 2015

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Homeowners who received an FHA loan prior to January 2015 are paying quite high FHA mortgage insurance premiums. This is because FHA dropped premiums by 35% in 2015, but only for new FHA applicants.

The borrower pays premiums, the insurance covers potential lender losses, and with a strong third-party guarantee in place, lenders are willing to make loans with little down. The catch is that the FHA program is always in motion – so it’s no surprise that for 2015, FHA loans will be different.

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After raising them six times during the housing bust, the Obama administration is reversing course and rolling back mortgage insurance. in premiums for access to FHA mortgage programs that let them.

Upfront mortgage insurance premium (MIP) is required for most of the FHA’s Single Family mortgage insurance programs. Lenders must remit upfront MIP within 10 calendar days of the mortgage closing or disbursement date, whichever is later.

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Mortgage Insurance Premiums, Down Payments, And FHA Loans. Some borrowers get confused about the FHA’s required mortgage insurance premium (MIP), the Up front mortgage insurance premium (ufmip) required to be paid at closing or to be financed into the loan, and private mortgage insurance (PMI).

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*Revision to the Annual MIP Premium – as per mortgagee letter 2015-01. There will be no change in Annual Mortgage Insurance Premiums for all case numbers assigned on or after January 26th, 2015 for the following: On loans with a Loan to Value of less than or equal to 78% and with terms up to 15 years.

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Despite the Federal Housing Administration showing improvement in its financial house, it’s unlikely FHA mortgage insurance premiums will be going down in 2015. On Monday, the FHA released its actuarial report on the Mutual Mortgage Insurance Fund for single-family programs, and while the health of the regulating agency improved, it still has a way to go with its finances.