by Bill McBride on 1/08/2015 04:33:00 PM
Thursday, January 08, 2015
Just to be clear, current FHA-insured borrowers will need to refinance to obtain the 0.85% annual Mortgage Insurance Premium (MIP).
New borrowers will obtain the lower MIP automatically.
HUD will send out a letter very soon clarifying what this means for borrowers currently in the process of obtaining an FHA-insured loan.
HUD estimates that approximately 100,000 to 200,000 FHA-insured borrowers will refinance in the next year.