FHA MIP Reduced In 2015

FHA Mortgage Insurance To Be Reduced in 2015 Best Real Estate Agent in Dallas Texas

FHA’s Mortgage Insurance Reduced In 2015

It seems HUD is giving us all a few gifts to kick off 2015! The Federal Housing Administration (FHA) will lower its FHA Mortgage Insurance premiums from 1.35% to 0.85%. This represents a sizable savings for home buyers. For example, on a $250,000 loan this would result in a $104 per month reduction in payment compared to current MIP costs. The official HUD Mortgagee Letter detailing this important change has not yet been released; however, the changes are expected to take effect towards the end of January according to HUD.gov.

In addition, HUD raised the FHA Maximum Loan Amount for a single family home to $310,500 in North Texas effective January 1, 2015. We will keep you posted as to these very positive changes as more details become known!