FHA issued Mortgagee Letter 2023-05, reducing annual mortgage insurance premiums and amending the base loan amount threshold used to establish mortgage insurance premiums. Per the Mortgagee Letter, FHA reduced the annual mortgage insurance premiums for Title II forward mortgages by 30 basis points. The reduced annual mortgage insurance premiums do not apply to streamline refinance and simple refinance mortgages used to refinance a previous FHA endorsed mortgage on or before May 31, 2009, or to Hawaiian Home Land (Section 247) mortgages. In addition, FHA amended the base loan amount threshold used to establish mortgage insurance premium rates to the current national conforming loan limit of $726,200. The provisions of the Mortgagee Letter are effective for case numbers endorsed on or after March 20, 2023.
Click to view the FHA Mortgagee Letter 2023-05: https://www.tenaco.com/wp-content/uploads/2023/02/FHA-Mortgagee-Letter-2023-05-02-22-23.pdf
Click to view the FHA Info 2023-11: https://www.tenaco.com/wp-content/uploads/2023/02/FHA-Info-2023-11.pdf
