FHA Mortgagee Letter 2023-05 announced the reduction of the annual MIP rate for FHA purchase and refinance transactions and FHA Streamline transactions.
The lower annual MIP rates apply to loans endorsed by FHA on and after March 20, 2023
The reduced rates apply to all FHA purchase and refinance transactions, including Streamlines, except:
- Streamline and Simple Refinance transaction that are refinancing a loan previously endorsed by FHA on or before May 31, 2009
NOTE: There is no change to the upfront MIP which continues to be 1.75% of the base loan amount
Homebridge will honor the lower MIP for pipeline transactions provided loan documents have not yet been drawn. Homebridge will not redisclose for the lower MIP.
The FHA and FHA Streamline guidelines have been updated and posted on the Homebridge website at www.HomebridgeWholesale.com on the Products and Guidelines page.
If you have any questions, please contact your Account Executive