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Mortgage News • March 3, 2023

Mortgage Insurance Premiums on FHA Loans to be Reduced

by Susan Kaylor

Great news for FHA borrowers!  It was just announced this week that the Annual Mortgage Insurance Premium will be reduced about 30% which could save homeowners an average of $800 a year.  This MIP reduction goes into effect on March 20, 2023.  The lower premiums will expand homeownership opportunities by reducing mortgage payments for qualified FHA borrowers.  This move comes at a great time with increasing interest rates.  If you’ve been on the fence about purchasing a home, let’s get you connected to a local lender to see how this new savings could benefit you.

 

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