The monthly FHA MIP premium will drop 30 bps for loans funded after 3/20/23.
The monthly MIP cost will drop by $121 for a $500,000
purchase with 3.5% down.
This was a long time coming. Former HUD Secretary Julián Castro
had scheduled the cut to take effect in 2017, as FHA’s capital reserves
were above the 2% statutory levels needed.
The change was rescinded by the
incoming administration on January 20, 2017.
FHA’s capital reserves today are above 11%,
When do you hear prices go down?
Still wishing eggs and gas prices decreased...
Good news for FHA buyers!