About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs

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In January of 2017 the FHA announced that it would be reducing its ongoing mortgage insurance fees for 85 basis points per year to 60 basis points per year. While not an earth-shattering change, it would have been a nice reduction in the pmi rates for new FHA borrowers. The change was scheduled to go take effect on January 28. Upon entering office, the Trump administration put a hold on all pending changes. As a result, the reduction of FHA pmi is currently, and possibly permanently on hold. Time will tell how the new administration will deal with government-backed mortgage programs over the next four years. So far, no major changes — just this one minor change in plans.

Comments (0) Posted by G.R.A. Admin on Saturday, February 18th, 2017