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According to the FHA, it will cut the annual mortgage insurance premiums most borrowers will pay by one-quarter of a percentage point, or 25 basis points. The FHA said that it projects that its new premium rates will save new FHA-insured homeowners an average of $500 in 2017 alone.
Julian Castro, Secretary of Housing and Urban said today that the reduction of FHA annual premiums has nothing to do with competition. a balance between keeping FHA’s Mutual Mortgage Insurance fund.
Obama’s hud secretary julian castro said on Jan. 9 that the premiums would be cut to share with U.S. homeowners recent gains in FHA’s Mutual Mortgage Insurance Fund, which has recovered from the.
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Qualified mortgage insurance premiums (MIPs) are paid by homeowners who take out federal housing administration (FHA) loans. Until the 2017 tax cut and Jobs Act, qualified mortgage insurance premiums were deductible in addition to allowable mortgage interest. Tax laws change each year and they may not currently be deductible.
In the wake of the financial crisis, as mortgage lending became more stringent, FHA lending has boomed, in part because it allows borrowers to take out mortgages with down payments as small as 3.5%..
In the wake of the January 2015 cut to the FHA’s premiums, many observers expected a negative effect on the FHA’s MMIF, considering that less money paid out in mortgage insurance premiums would theoretically lead to less money being funneled to the FHA’s flagship fund.
The FHA was at great risk of losing even more market share thanks to a recent policy change at Fannie and Freddie to allow 97 LTV lending again. So perhaps this is a defensive move to maintain market share at the FHA. The bad news is that the annual mortgage insurance premiums will still remain in place for the life of the loan.
Upfront mortgage insurance premium (MIP) is required for most of the FHA’s Single Family mortgage insurance programs. Lenders must remit upfront MIP within 10 calendar days of the mortgage closing or disbursement date, whichever is later.
In November, Barclays’ Sandipan Deb and Anuj Jain said that the "headline number" of the FHA’s report does not actually reflect the "deterioration" in the FHA’s portfolio due to the premium cut, but despite that, the FHA is still more likely to cut the premiums again, citing the FHA’s positive spin on the report.