FHA annual mortgage insurance premium was reduced today for loans endorsed on or after March 20,2023, per the latest announcement. What is FHA Mortgage Insurance Premium? FHA (Federal Housing Administration) loans are insured by Housing and Urban Development. To insure the lenders against default, it charges insurance premiums from the borrowers. There are two kinds of insurance premiums - Upfront Mortgage Insurance Premium (UFMIP) and Annual Mortgage Insurance Premium (MIP). How much is FHA's Upfront Mortgage Insurance Premium (UFMIP)? FHA's UFMIP is 1.75% of the loan amount. So, if you are borrowing $400,000,…
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