Brittany White
February 27, 2023

We are pleased to share that the Department of Housing and Urban Development (HUD) has announced a reduction on the Mortgage Insurance Premium (MIP) rates on Federal Housing Administration (FHA) loans.

These changes are effective for case numbers endorsed on or after March 20, 2023. The Base Loan amount threshold used to establish MIP rates will be amended to the national conforming loan limit.

Fairway Wholesale Lending is excited to announce that Effective on or after Monday, February 27, we will honor the MIP reduction on all new applications and any FHA loans currently in process.

  • Loans in process that will be updating the monthly MIP will need to be redisclosed.
  • Final CDs that have already been issued will need to be redisclosed and reissue of final CD which will delay the closing.

Please note, there is no change to the upfront Mortgage Insurance Premium (UFMIP). This change only impacts annual (paid monthly) MIP.

To further review the Mortgagee Letter 2023-05 from HUD, please click here.