FHA Officially Reduces Annual Mortgage Insurance – Cutting Monthly Payments!

January 9, 2015 — Leave a comment

Newspaper  good newsIn the first Mortgagee Letter of the year FHA makes a HUGE change by reducing its annual mortgage insurance by 50 basis points across the board.  The new rate will be 85 basis points (for loans with less than 5% down payment).

Example – $200,000 mortgage with 3.5% down payment

Previous FHA monthly mortgage insurance at 135 basis points = $225 p/mo

New FHA monthly mortgage insurance at 85 basis points = $142 p/mo

See all the details here in Mortgagee Letter 2015-01

FHA cuts MI

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