Get ready for some big changes with FHA loans!
As many of you may have heard, FHA announced today that it will be reducing Annual (Monthly) MI Premiums effective with CLOSINGS on or after January 27, 2017. They have also eliminated the distinction in rates based upon the loan amount. The following table outlines the changes:
Please notice that FHA has changed the effective date to be based on CLOSING DATE and not case number assignment date as they have done in the past. If you have a loan in the pipeline currently that is scheduled to close on or after January 27, 2017, please make sure you update the annual MIP factor in Encompass and rerun the AUS.