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FHA to Lower Annual MIP

Mortgage News > FHA to Lower Annual MIP
Date: 01/07/2015    FHA to Lower Annual MIP

The Federal Housing Administration has announced that they will reduce the annual mortgage insurance premium in an effort to promote higher levels of home ownership.

According to the FHA the 0.5 percentage point decrease in the annual insurance premium rate, from 1.35 percent to 0.85 percent, is expected to reduce a borrower's annual mortgage payment by about $900.

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