FHA To Reduce Annual Insurance Premiums On Most Mortgages

U.S. Housing and Urban Development Secretary Julian Castro today announced the Federal Housing Administration (FHA) will reduce the annual premiums most borrowers will pay by a quarter of a percent. FHA's new premium rates are projected to save new FHA-insured homeowners an average of $500 this year according to a press release from the U.S. Department of Housing and Urban Development. FHA is reducing its annual mortgage insurance premium (MIP) by 25 basis points for most new mortgages with a closing/disbursement date on or after January 27, 2017. To learn more about the FHA to reduce annual insurance premiums click on the pictures below to read the articles.