for all FHA Loan Borrowers to take advantage of a possible lower payment.
Some current FHA Home Owners, and that may be you, are at a monthly MIP of 1.35, as you might have not taken advantage of an FHA Streamline, or FHA Refinance in the past couple years. HUD lowered the MIP for FHA Home Owners a couple years back from 1.35 to .85 monthly. Some FHA Home Owners took advantage of this and saved an average of $65-95 dollars a month on just the MIP monthly insurance, based on a $200,000 loan amoritized over a 30 year term.
Well HUD is back at it again, helping current FHA Home Owners to lower their payments!
HUD has approved another decrease in MIP rate for FHA Home Owners, from .85% down to .60%.
What would you do with your savings???
Published by Randy Blakeslee