News & Economics Camino Real Mortgage Bankers

FHA to reduce MIP starting January the 26th

by Camino Real Mortgage Bankers

March 13, 2015 at 10:45 AM

The Federal Housing Administration (FHA) released a mortgage letter last Friday announcing the reduction of 0.5% to the existing MIP fee, starting with case numbers issued on the 26 of January, the letter also indicated that borrowers who were already in the process of applying for a loan, would have the opportunity to cancel their existing case number and re-apply for a new one, starting on the 26th, in order to take advantage of the fee reduction.

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