Metro Brokers Blog

fha-mip-changes-2013For the first half of 2013, the U.S. Department of Housing and Urban Development has made two major changes to their policies:

1. Monthly Mortgage Insurance Premiums (MIP) are scheduled to increase affective April 1, 2013. While Upfront MIP is remaining the same at 1.75%, Monthly MIP is changing from 1.25% to 1.35%.

2. June 3, 2013 the FHA will no longer allow an FHA borrower to cancel their mortgage insurance premium payments when the loan balance drops to 78% of the property’s value!

This is the fifth increase HUD has made to the FHA MIP cost in the past 3 years. In April of 2012, FHA increased the MIP rates from 1% to 1.75% on the Upfront MIP and from .90% to 1.25% on the Monthly MIP.

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  1. Pingback: Realty World – Your Property Source » Blog Archive » Just Passing On a Video – “Another Stick in FHA’s Spokes”

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