FHA reduces Mortgage Insurance for home buyers

FHA reduces FHA Mortgage Insurance

Today the Federal Housing Administration (FHA) announced they are reducing FHA Mortgage Insurance Premiums by 30 bps beginning March 20, 2023. All FHA Loans endorsed on that date or after will qualify for the reduced premiums.  Endorsed means the process where FHA guarantees the loan for the Lender, not the date you begin or close your FHA Loan.

Here are the new FHA Mortgage Insurance Premiums for 2023:

Base Loan AmountLTV (Loan to Value)MIP (BPS)Duration
Less than $726,200≤ 90.00% 50
11 years
Less than $726,200> 90.00% but ≤ 95%50mortgage term
Less than $726,200> 95.00%
55mortgage term
Greater than $726,200≤ 90.00%7011 years
Greater than $726,200> 90.00% but ≤ 95%> 95.00%70mortgage term
Greater than $726,200> 95%75mortgage term
Base Loan AmountLTV (Loan to Value)MIP (BPS)Duration
Less than $726,200≤ 90.00% 1511 years
Less than $726,200> 90.00%40mortgage term
Greater than $726,200≤ 78.00%1511 years
Greater than $726,200> 78.00% but ≤ 90.00%4011 years
Greater than $726,200> 90.00%65mortgage term

We have specialized in FHA Loans since 2007 and would be honored to share our knowledge and expertise to help you finance your next home.

Get Started Here

Ready to Get Pre-approved for your Home Loan? 2 easy ways to start - fill out the form below or give us a call/text at 760-752-4480.

Step 1 of 4

Next Post

Riverside VA Loan Down Payment Assistance