The FHA (Federal Housing Administration) believes the premium cut “will significantly expand” access to mortgage credit and lower the cost of housing for approximately 1 million households who are expected to purchase a home or refinance their mortgages using FHA-insured financing in 2017.
FHA’s one-time Up-Front Mortgage Insurance Premium (UFMIP) will remain unchanged at 1.75%.
Benefits
- Streamline loans or Purchase = Lower payments and Savings:
- Increases buying power and qualify for larger loan
