Mortgage insurers prep for FHA premium increases

Did Trump Increase FHA Mortgage Insurance Premiums?  · Future home buyers will have to pay for the sins of the past.

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Some important changes to the FHA loan program were announced last week. According to the Department of Housing and Urban Development (HUD), FHA loan limits for most U.S. counties will go up in 2019 in response to rising home values. But program officials say there won’t be any reduction in FHA mortgage insurance premiums anytime soon.

The Federal Housing Administration is increasing its annual mortgage insurance premium one quarter of one point on all 15-year and 30-year mortgages backed by the agency. The hike is in response to a congressional mandate that gave the FHA permission to increase premiums and keep its insurance fund liquid.

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The increased mortgage insurance costs are part of the Temporary Payroll Tax Cut Continuation Act of 2011, which requires FHA to increase the annual MIP. As stated previously, the FHA Up Front Mortgage Insurance Premium is also affected; the current rate of one percent will increase to 1.75 percent of the base loan amount.

Beginning in early April, the upfront mortgage insurance premium (MIP) is being raised from 1.75% of the base loan amount to 2.25%. If you are considering a purchase or refinance using FHA, now is a good time to start the process and save some money.

Partly due to the New Year holiday adjustment, the Mortgage Bankers Association reports an abnormally large 8.3 percent increase in. Take a maximum FHA base loan amount of $679,650. The monthly.

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