The FHA home loan program has been around since 1934 making homeownership affordable for many. With the new year underway, the Federal Housing Administration recently announced changes to its program for 2015-changes that benefit many would-be buyers and anyone refinancing to an FHA home loan. 1. Reduced Mortgage Insurance Premiums
· FHA MIP (Mortgage Insurance Premium) rates continually change.Sometimes they go up and sometimes they go down. It depends on how the FHA-insured loan portfolios performed in the past and what they predict it will do in the future. 2015 saw a drop in rates and 2016 may even see a larger drop depending on what happens in the near future.
Fha Loan Limits Florida 2016 The maximum insurable amount for a Federal Housing Administration loan rose by $1,150 from 2015 to 2016. The new FHA limit for a single-family home in Riverside or San Bernardino County is $356,500. Here’s what you need to know, at a glance: The old fha loan limit (2015): $355,350; The new FHA loan limit (2016): $356,500
If looking to buy this year, here are a few tips for consumers who wish to buy with an FHA loan and this new lower MIP: Buying a house with an FHA loan is now more affordable in many cases, so check back with your preferred lender about how much home you may now qualify for with this reduction.
If borrowers with FHA-insured mortgages refinance into new mortgages that are.. the annual mortgage insurance premiums that it charges in January 2015.
Don’t Be Fooled by the New FHA Mortgage Insurance premiums. jan 25, 2015 at 11:07AM. Borrowers will have to pay mortgage insurance, but given the new FHA reduction,
FHA Mortgage Insurance Reduction of .50% for New Loans in 2015 FHA Loan Borrowers Can See $900 Annual Savings HUD is making homeownership more affordable for millions of Americans with its plan to dramatically cut the mortgage insurance premiums new borrowers will pay.
The new Cut in Annual Mortgage Insurance is a great benefit to borrowers. Anyone who has an new FHA loan in the last 2 years should be doing a Streamline Refinance today. The combination of rates in the 3’s and the lowering of the MIP from 1.35% annually to 0.85% annually makes doing a refinance an almost must do for all FHA borrowers.
The question is, will FHA pass on its good fortune to new buyers? It’s not unprecedented. In January 2015, FHA lowered its monthly mortgage insurance premiums by over 35%. FHA’s stated goal is to enable homeownership where it would otherwise be extremely difficult or impossible. The agency could roll out a cost reduction in 2016 that.
Fha Refinance Mortgage Insurance FHA mortgage calculator with monthly payment – 2019 – FHA mortgage calculator with monthly payment – 2019. Easily calculate the FHA mortgage, funding Fee (UFMIP) & the monthly mortgage insurance fee (MIP) for a 30 and 15 year FHA home loan.Federal Housing Authority Definition – The Federal Housing Administration (FHA) is a wholly owned government corporation established under the National Housing Act of 1934 to improve housing. Assisted Housing | Housing Authority City Of Austin – MOVING WITH YOUR VOUCHER "PORTABILITY" The Housing Choice Voucher (HCV) program is a federal program.
2015 . Great tax advice for homeowners! How to take advantage of all the tax breaks available for new and old home owners alike. PLUS! An important mortgage update surrounding the reduction in Mortgage Insurance Premiums for FHA home loans.