New FHA Mortgage Insurance Rates in 2023
WHAT IT MEANS TO NEW HOMEBUYERS!!!!!
In early 2023, the Federal Housing Administration (FHA) will reduce annual mortgage insurance premiums (MIP) from .85% to 0.55%. The last time the FHA reduced its mortgage insurance premiums for U.S. homebuyers was back in 2015.
A mortgage insurance premium reduction of 0.3 percent will be a welcome savings for new home buyers.
Before the FHA Mortgage Insurance Premium Reduction:
$100,000 Loan Amount
Current Annual Mortgage Insurance = 0.85% of Loan Amount
$100,000 X 0.85% = $850 (Or $70.83 per Month)
After the FHA Mortgage Insurance Premium Reduction:
$100,000 Loan Amount
New Annual Mortgage Insurance = 0.55% of Loan Amount
$100,000 X 0.55% = $550 (Or $45.83 per Month)
Homeowners are slated to save an average of $800 per year as a result of this reduction in FHA mortgage insurance premiums.
New FHA MIP Rates Go Into Effect
This premium change will go into effect officially on March 20, 2023 - however, some lenders are honoring the new rates effective immediately.
New APPRAISAL BIAS
Learn about appraisal bias by listening to diverse perspectives, viewing helpful resources, and reading news stories.
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Welcome to HUD's 2023 Exhibit Hall. Please take a moment to review our Federal Housing Administration (FHA) homeowners and potential homebuyers information. We are now including HUD affordable housing programs for renters. Don't see what you are looking for? Contact Belinda Fadlelmola, Senior Management Analyst/Outreach and Education Specialist at belinda.j.fadlelmola@hud.gov.
2023 HUD/FEDERAL HOUSING ADMINISTRATION (FHA) RESOURCES
HOMEBUYERS
FHA FINANCING MANUFACTURED HOUSING
Under the Title I program, FHA approved lenders make loans from their own funds to eligible borrowers to finance the purchase or refinance of a manufactured home and/or lot. FHA insures the lender against loss if the borrower defaults.
HOUSING COUNSELING AGENCIES SEARCH BY STATE
Are you ready to purchase a home? Do you know about downpayment
and closing cost assistance? Need to know your credit score? Housing counselors are ready to assist you in purchasing or refinancing. Choose an agency near you. In-person and virtual consultations.
FHA REVERSE MORTGAGE FOR SENIORS
Interested more about the FHA Home Equity Conversion Mortgage (HECM)? Click on the link to find out how HECM works; important information on non-borrowing spouses; and how to find a lender.
HOMEOWNERS
HOUSING ASSISTANCE FUND (HAF)
VIRGINIA MORTGAGE RELIEF
Struggling to pay your mortgage due to COVID-19? No-cost assistance is available for Virginia homeowners. Click on the link to see if you are eligible.
RENTERS
HUD AFFORDABLE HOUSING PROGRAMS
PUBLIC HOUSING AUTHORITIES (PHA)
If you need public housing assistance or would like specific information about public housing programs such as housing choice vouchers, please click on the link above and contact your local Public Housing Agency.
MULTIFAMILY SECTION 8 PROJECT-BASED
Project-Based Rental Assistance and other rental assistance programs, which provide support for low and very low income households
SECTION 811 PROPERTIES FOR PERSONS WITH DISABILITIES
The Section 811 program allows persons with disabilities to live as independently as possible in the community by subsidizing rental housing opportunities which provide access to appropriate supportive services.
SECTION 202 PROPERTIES FOR THE ELDERLY
Section 202 program helps expand the supply of affordable housing with supportive services for the elderly.
Looking for affordable housing in your city/state, contact your HUD LOCAL OFFICES Customer Service by email to request a list of one or more of the above HUD affordable housing programs.
OFFICE OF HOUSING COUNSELING RESOURCES
FAIR HOUSING AND EQUAL OPPORTUNITY (FHEO) - (NEW)
Housing discrimination is illegal in nearly all housing, including private housing, public housing, and housing that receives federal funding. It is illegal discrimination to take any of the following actions because of race, color, religion, sex (including gender identity and sexual orientation), disability, familial status, or national origin.
RESOURCES:
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