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HUD lowered the monthly MIP........
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.
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%.
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%.
Example of a $200,000.00 mortgage on a 30yr fixed the monthly mip would have been $141.67 per month and on the new monthly MIP it is going to be $100.00 that’s a savings of over $40.00 per month or nearly $480.00 a year.
If you have a current FHA loan by doing a streamline FHA refinance you might be able to lower your current monthly MIP by as much as .3/4 of a point (subject to current guidelines), and combine that with lower MIP, you could save $100's of dollars a year on your monthly savings!
What would you do with your savings???
Published by Randy Blakeslee
What would you do with your savings???
Published by Randy Blakeslee
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