MIPs Increase for Specific FHA Projects

InsuranceNewsNet has issued a report from Housing and Urban Development (HUD) saying the mortgage insurance premiums (MIPs) for certain FHA multifamily housing and health care facilities will increase 15 basis points FY 2013. The market-rate for new construction/substantial rehabilitation loans will rise 20 basis points (except 223(a)(7) will increase five basis points). Not included in the increase are Low Income Housing Tax Credit Loans, and “other affordable housing loans for HUD-assisted properties, or loans insured under FHA’s Risk Sharing programs.” MHProNews.com has learned this MIP raise will increase funds to the Treasury Dept. and also make the playing field between private lending and FHA move level.

(Image credit: bankrate)


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