FHA Reduces Mortgage Insurance from .85% to .55%

Good morning,

This morning (2-22-23) the FHA reduced its mortgage insurance from .85% to .55%

This will be a relief that future homeowners using FHA financing need. The reduction in rate will also help future homeowners qualify for and pass the FHA’s self-sufficiency rule for 3- and 4-unit properties, which was becoming more and more difficult to satisfy with higher interest rates.

The mortgage insurance rate will increase/decrease depending on how much you put down and the loan amount. It could be anywhere from .50% to .75%

Make sure that you use a broker or Loan Officer that has experience in this field.

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Take care and have a good one.