While the upfront mortgage insurance premium remains unchanged at 1.75, as of Jan. 26th, 2015, FHA monthly Mortgage Insurance Premium (MIP) will drop from 1.3/1.35% down to .80/.85% (depending on loan to value ratio of purchase).
What does this mean for buyers? As an example, for a $350,000 FHA mortgage, the monthly payment will drop about $140/month due to the lower MIP, and also creates the ability for buyer's to qualify for a little more.
Millions of Renters Could Become Homeowners in 2015 (FMCC, FNMA)
Good news for first time and returning buyers!
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