{"id":2087,"date":"2017-01-09T18:03:07","date_gmt":"2017-01-09T18:03:07","guid":{"rendered":"http:\/\/riverbankfinance.com\/blog\/?p=2087"},"modified":"2017-01-09T18:24:56","modified_gmt":"2017-01-09T18:24:56","slug":"fha-lowers-mortgage-insurance-premium","status":"publish","type":"post","link":"https:\/\/riverbankfinance.com\/blog\/fha-lowers-mortgage-insurance-premium\/","title":{"rendered":"FHA Lowers Mortgage Insurance Premium"},"content":{"rendered":"<h2>FHA Lowers Mortgage Insurance Premium<\/h2>\n<p>Great news for homebuyers considering an <a href=\"http:\/\/riverbankfinance.com\/mortgage-programs\/fha-mortgage.html\">FHA home loan<\/a>\u00a0or <a href=\"http:\/\/riverbankfinance.com\/mortgage-programs\/streamline-fha-mortgage.html\">FHA refinance<\/a>! The popular mortgage program is getting even better. The Department of Housing &amp; Urban Development announced this morning that the FHA will be decreasing their annual mortgage insurance premium by a quarter of a percent. The upfront guarantee fee will remain the same.<\/p>\n<p><a title=\"Try our FHA Mortgage Calculator!\" href=\"http:\/\/riverbankfinance.com\/fha-mortgage-payment-calculator.html\"><input id=\"searchsubmit\" class=\"button aligncenter\" type=\"submit\" value=\"Try our FHA Mortgage Calculator!\" \/><\/a><\/p>\n<p>Effective for new mortgages closing on or after January 27th, the annual fee\u2014paid monthly\u2014will decrease from .85% to .60%. This news comes only four months after the <a href=\"https:\/\/riverbankfinance.com\/blog\/usda-lowers-upfront-and-annual-fees\/\">USDA decision<\/a> to lower their own upfront and annual fees on <a href=\"http:\/\/riverbankfinance.com\/mortgage-programs\/usda-rural-housing-mortgage.html\">rural development loans.<\/a><\/p>\n<h2>New FHA MIP Savings Example<\/h2>\n<p>Now, unless you spend your spare time studying loan program guidelines, that might sound like gibberish\u2014so let\u2019s do some math to demonstrate the savings. On a $200,000 home purchase, the monthly mortgage insurance premium would decrease from $142 to $100. That is a savings of $42 per month, over $500 per year!<\/p>\n<p>The FHA made this decision following four straight years of growth and $44 billion dollars of value gained since 2012. They aim to protect the insurance fund while also offsetting the cost of increased mortgage interest rates.<\/p>\n<blockquote>\n<h4>\u201cAfter four straight years of growth and with sufficient reserves on hand to meet future claims, its time for FHA to pass along some modest savings to working families\u201d -HUD Secretary, Julian Castro<\/h4>\n<\/blockquote>\n<h3>Requirements for an FHA loan<\/h3>\n<p>You might be thinking, that\u2019s great, but how do I know if an FHA loan is the right fit for me? I\u2019m glad you asked! Qualifying for an\u00a0<a href=\"http:\/\/riverbankfinance.com\/mortgage-programs\/purchase-fha-mortgage.html\">FHA loan<\/a> is relatively simple and provides many benefits, including but not limited to:<\/p>\n<ul>\n<li>Minimum credit score of 580<\/li>\n<li>Down Payment as low as 3.5%<\/li>\n<li>No early payoff penalties<\/li>\n<li>Allows seller-paid closing costs<\/li>\n<\/ul>\n<p>FHA announcement:\u00a0<a href=\"https:\/\/portal.hud.gov\/hudportal\/documents\/huddoc?id=17-01ml.pdf\">Read FHA Mortgagee<\/a><\/p>\n<p>Have a specific scenario you\u2019d like to run past us? Give us a call to speak with one of our licensed loan officers, or check out our <a href=\"http:\/\/riverbankfinance.com\/fha-mortgage-payment-calculator.html\">FHA Mortgage Calculator<\/a>. We would love to recommend the best loan program for you and your situation.<\/p>\n<h3>Apply for a FHA Mortgage<\/h3>\n<p>Call Riverbank Finance today at 1-800-555-2098<br \/>\n\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f185-o1\" lang=\"en-US\" dir=\"ltr\" data-wpcf7-id=\"185\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/blog\/wp-json\/wp\/v2\/posts\/2087#wpcf7-f185-o1\" method=\"post\" class=\"wpcf7-form init\" aria-label=\"Contact form\" novalidate=\"novalidate\" data-status=\"init\">\n<fieldset class=\"hidden-fields-container\"><input type=\"hidden\" name=\"_wpcf7\" value=\"185\" \/><input type=\"hidden\" name=\"_wpcf7_version\" value=\"6.1.5\" \/><input type=\"hidden\" name=\"_wpcf7_locale\" value=\"en_US\" \/><input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f185-o1\" \/><input type=\"hidden\" name=\"_wpcf7_container_post\" value=\"0\" \/><input type=\"hidden\" name=\"_wpcf7_posted_data_hash\" value=\"\" \/><input type=\"hidden\" name=\"_wpcf7_recaptcha_response\" value=\"\" \/>\n<\/fieldset>\n<div class=\"ApplyFullHeader\" id=\"apply_form\">\n\t<p class=\"replaceheader\">Request Information Now!\n\t<\/p>\n<\/div>\n<div class=\"blueBox\">\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-name\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Your Name (required)\" value=\"\" type=\"text\" name=\"your-name\" \/><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-email\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-email wpcf7-validates-as-required wpcf7-text wpcf7-validates-as-email\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Your Email (required)\" value=\"\" type=\"email\" name=\"your-email\" \/><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-phone\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Phone:\" value=\"\" type=\"text\" name=\"your-phone\" \/><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-goal\"><select class=\"wpcf7-form-control wpcf7-select\" aria-invalid=\"false\" name=\"your-goal\"><option value=\"Purchase\">Purchase<\/option><option value=\"Refinance\">Refinance<\/option><option value=\"Cash Out\">Cash Out<\/option><option value=\"More Information\">More Information<\/option><\/select><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-message\"><textarea cols=\"40\" rows=\"10\" maxlength=\"2000\" class=\"wpcf7-form-control wpcf7-textarea\" aria-invalid=\"false\" placeholder=\"Your Message:\" name=\"your-message\"><\/textarea><\/span>\n\t<\/p>\n\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"referer-page\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text referer-page\" aria-invalid=\"false\" value=\"\" type=\"text\" name=\"referer-page\" \/><\/span><br \/>\n\t\n\t<\/p>\n\t<p><input class=\"wpcf7-form-control wpcf7-submit has-spinner submit\" type=\"submit\" value=\"Submit Now!\" \/>\n\t<\/p>\n<\/div>\n<div style=\"text-align: justify; color:#666666;font-size: small;\">\n\t<p>By clicking \"Submit Now!\", you consent to receive calls and texts at the number you provided, including marketing by autodialer and prerecorded and artificial voice, and email, from Riverbank Finance LLC about your inquiry and other home-related matters, but not as a condition of any purchase; this applies regardless of whether you check, or leave un-checked, any box above. You also agree to our Privacy Policy and Terms of Use regarding the information relating to you. Msg\/data rates may apply. This consent applies even if you are on a corporate, state or national Do Not Call list. This no obligation inquiry does not constitute a mortgage application. To apply now or get immediate assistance, call us at 1-800-555-2098.\n\t<\/p>\n<\/div><p style=\"display: none !important;\" class=\"akismet-fields-container\" data-prefix=\"_wpcf7_ak_\"><label>&#916;<textarea name=\"_wpcf7_ak_hp_textarea\" cols=\"45\" rows=\"8\" maxlength=\"100\"><\/textarea><\/label><input type=\"hidden\" id=\"ak_js_1\" name=\"_wpcf7_ak_js\" value=\"28\"\/><script>document.getElementById( \"ak_js_1\" ).setAttribute( \"value\", ( new Date() ).getTime() );<\/script><\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FHA Lowers Mortgage Insurance Premium Great news for homebuyers considering an FHA home loan\u00a0or FHA refinance! The popular mortgage program is getting even better. The Department of Housing &amp; Urban Development announced this morning that the FHA will be decreasing their annual mortgage insurance premium by a quarter of a percent. The upfront guarantee fee<a class=\"excerpt-read-more\" href=\"https:\/\/riverbankfinance.com\/blog\/fha-lowers-mortgage-insurance-premium\/\" title=\"ReadFHA Lowers Mortgage Insurance Premium\">&#8230; Read more &raquo;<\/a><\/p>\n","protected":false},"author":10,"featured_media":2089,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[301,307,70,308],"tags":[431,156,12,358,72,106,588],"class_list":["post-2087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","category-fha-mortgage","category-first-time-home-buyer","category-mortgage-tips","tag-buying-a-home-2","tag-federal-housing-administration","tag-fha","tag-fha-mortgage-insurance","tag-first-time-home-buyer-2","tag-first-time-homebuyer","tag-low-down-payment-mortgage"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts\/2087","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/comments?post=2087"}],"version-history":[{"count":8,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts\/2087\/revisions"}],"predecessor-version":[{"id":2097,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/posts\/2087\/revisions\/2097"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/media\/2089"}],"wp:attachment":[{"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/media?parent=2087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/categories?post=2087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riverbankfinance.com\/blog\/wp-json\/wp\/v2\/tags?post=2087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}