The Federal Housing Administration surprised some in the housing industry on Monday by reversing course and announcing that it plans to cut its annual mortgage insurance. new mortgages” with a.
MIP rates will reduce on loans closed on or after January 27, 2017. Home buyers that apply for an FHA loan today will likely see their loan closed after that date. That means that home buyers can already start to take advantage of MIP changes. FHA loans are also known for having some of the lowest available mortgage rates.