Breaking News: HUD Suspends FHA MIP Reduction Indefinitely
The Department of Housing and Urban Development (HUD) just announced the reduction of mortgage insurance premium (MIP) for FHA loans has been suspended indefinitely. The reduction of mortgage insurance premiums for many FHA loans across the country was scheduled to go into effect on January 27, 2010.
The reduction of FHA MIP was estimated to save FHA homeowners nearly $500 in 2017. News of the suspension was announced to mortgage lenders nationwide on January 20, 2017 within hours of the Trump Administration’s inauguration.
For more information on FHA MIP Reduction, visit www.hud.gov/answers.