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FHA’s MIP Changes Today

HUD MIP Changes

Good news in the mortgage industry may help Wisconsin real estate agents assist more buyers! As you may know, HUD recently announced a half-percent reduction in mortgage insurance premiums (MIPs) on certain FHA loans. According to HUD, the average FHA homeowner can save $900 per year on mortgage insurance. The agency expects more than 250,000 first-time buyers to benefit from the cost reductions over the next three years.

As an added bonus, rates started the year near historically low levels. If your prospective buyers can save on both MIP and rates, it may be easier for them to qualify for the home they really want.

If you have prospective home buyers who did not qualify for a loan in the past, it may be worth having them try again. I’ll be happy to talk with any of your prospects and to provide you with shareable information on FHA loans. Please let me know how I can help.

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