PIN IT

1/09/2015

SAVE money FHA CHEAP MIP and rate



Beach Cottage
SURF's up for FHA refinance


U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
WASHINGTON, DC 20410-8000
ASSISTANT SECRETARY FOR HOUSING FEDERAL
HOUSING COMMISSIONER annouced today cheaper MIP premiums coupled with lower
interest rates can save you on your monthly payments

January 9, 2015
To: All Approved Mortgagees 
GREAT GOOD NEWS ABOUT 
FHA MIP REDUCTION

Reduction of Federal Housing Administration (FHA) annual Mortgage
Insurance Premium (MIP) rates and Temporary Case Cancellation Authority

This Mortgagee Letter (ML) communicates lower annual MIP rates for FHA
Title II forward mortgages and provides opportunity for cancellation of
existing case numbers in order to utilize the MIP rates contained in the ML.

Background Pursuant to its statutory mandate, FHA continuously strives to achieve the
appropriate balance between meeting the housing needs of the borrowers
FHA’s mortgage insurance programs were created to serve and minimizing
the level of risk undertaken relative to the insurance of those mortgages.
FHA has determined that the appropriate balance of its statutory operational
goals now requires a reduction of the rate of annual MIP charged pursuant to
Section 203(c)(2)(B) of the National Housing Act (NHA). As provided in
this ML, the total annual MIP charged pursuant to sections 203(c)(2)(B) and
(C) for most Title II Single Family forward mortgages has been revised as
provided in this ML.
Effective Date This ML is effective for case numbers assigned on or after January 26,
2015.Affected Topic This ML reduces the rate for annual MIP for all Title II forward mortgages,
with terms greater than 15 years, except;
single family forward streamline refinance transactions that are
refinancing existing FHA loans that were endorsed on or before May
31, 2009; (before the rates were lower)
Section 247 mortgages (Hawaiian Homelands)
This ML supersedes the annual MIP rates established in ML 2013-4. All
other sections of ML 2013-4 remain in effect.
STREAMLINE FHA REFINANCE 
IF YOUR LOAN WAS CLOSED 
AFTER May 31 2009
INTEREST RATES ARE LOWER 
AND MIP  REFUND/ lower premium
Call to see if you can 
take advantage of this today 
(949) 784-9699
______________________________________________________________

The following table shows the existing and the new annual MIP rates by
amortization term, base loan amount and Loan to Value (LTV) ratio. All
New MIP amounts set forth in this table are effective for case numbers
assigned on or after January 26, 2015.
Term > 15 Years
Base Loan Amt. LTV Previous MIP New MIP
≤ $625,500 ≤ 95.00% 130 bps 80 bps
≤ $625,500 > 95.00% 135 bps 85 bps
> $625,500 ≤ 95.00% 150 bps 100 bps
> $625,500 > 95.00% 155 bps 105 bps
Term ≤ 15 Years
≤ $625,500 ≤ 90.00% 45 bps 45 bps
≤ $625,500 > 90.00% 70 bps 70 bps
> $625,500 ≤ 90.00% 70 bps 70 bps
> $625,500 > 90.00% 95 bps 95 bps
Case

CALL NOW to refinance and save money (949) 784-9699
rates can touch the 3%' s now if your FICO is high
APR 3.99 for conforming FHA with middle FICO of 700
Take advantage of this drop now with cheap rates and
lower MIP

 http://eaglehomemortgage.com/carolinegerardo/ 

Cancellation
To allow mortgagees to obtain the reduced annual MIP rates contained in this
ML for loans in process with active FHA Case Numbers ie: loans not funded, 
FHA will temporarily approve cancellation requests for active FHA Case Numbers
within 30 days of the effective date of this ML.
FHA will provide operational details on case cancellations through FHA Info
notifications and on FHA’s lender information page available at

www.hud.gov/lenders.



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