FHA MIP Decreases! Great news for 203k renovation loans

By Presidential order the monthly premiums on FHA loans were reduced for case number after January 26th, 2015. This is great news as it lowers payments and can qualify more borrowers for home. For Renovation loans, especially 203k loans this means you can qualify for more repairs or pocket the savings. Please read the FHA mortgagee notice on the link here and the great news about lower mortgage insurance factors. This is one small step in the right direction and certainly a win for anyone wanted to get a 203k renovation loan or regular 203b loan financing.

http://portal.hud.gov/hudportal/documents/huddoc?id=15-01ml.pdf