Starting off 2017 on the right foot, HUD has announced that it is reducing Ohio FHA Mortgage insurance (monthly) premiums beginning with FHA mortgages closing/disbursing on or after January 27, 2017. The FHA Mortgagee Letter can be viewed here Ohio FHA MIP Decrease
This will save Ohio homebuyers an average of $27.42/month based on Zillow’s current median price of homes listed in Ohio. Over a 30 year mortgage, that is a savings of almost $10,000. This decrease applies to all Ohio FHA loan types, including purchases, refinance and Ohio FHA Streamline refinance. Below is the breakdown of the change
Ohio FHA Mortgage Insurance Drops
HUD recently announced that Mortgage Insurance Premiums are decreasing beginning January 27, 2017.| LTV | Previous MIP | NEW MIP |
|---|---|---|
| TERM > 15 Years | ||
| ≤ 95% | 80 bps | 55 bps |
| > 95% | 85 bps | 60 bps |
| TERM ≤ 15 Years | ||
| ≤ 90% | 45 bps | 25 bps |
| > 90% | 70 bps | 50 bps |
If you’d like to explore your options of purchase a home with a Ohio FHA mortgage, or refinancing your current mortgage you can Contact Me or complete the Ohio FHA Rate Quote Request form
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