FHA to place future MIP Increases on Hold!
After nearly 2 years of Mortgage Insurance Premium (MIP) increases, it appears that the FHA Program which is administered by HUD has reached financial solvency. Thus, future MIP increases have been placed on hold for now. This is good news for prospective home purchasers who seek to utilize FHA financing to purchase their home. In recent years, the amount required to be paid up front at the closing as well as the monthly fee have seen significant increases to borrowers. The fact that future increases are on hold further substantiates the fact that the Housing Market continues to stabilize and even improve in many areas. Contact me to see if FHA is the best financing option for you!
