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This FHA Change Is Huge for Home Buyers

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Hey, home buyers! If you’ve been on the fence about buying, recent news from the Department of Housing and Urban Development (HUD) may encourage you to take the leap!

The Annual Mortgage Insurance Premium (MIP) will be reduced on all eligible FHA loans through Churchill Mortgage. This premium went from 0.85% to 0.55% for most borrowers with an FHA loan. This will allow borrowers to save an average of $800 each year!

In 2023 alone, this change could help almost 850,000 borrowers. Here’s the details:

  • Applies to single-family homes, condos, and manufactured homes.
  • All eligible loan-to-value ratios (LTV) will receive the reduction.
  • The reduction also works with all eligible base loan amounts.

Here’s a look at the base loan amounts for an FHA loan in 2023: 

This reduction in MIP is just another reason it may be time to look into homeownership. The money you’ll be saving can go straight toward a mortgage payment.

Owning a home is considered a secure way to build lasting wealth, even in an uncertain economy. Look at it this way…when you pay rent, you’re paying your landlord’s bills. When you own a home, you’re building equity for YOUR future.


FHA Mortgage Facts:

  • Requires a down payment of at least 3.5%.

  • With a down payment of at least 10%, MIP can be canceled after 11 years.

  • A down payment of less than 10% will require MIP for the lifetime of the loan.

  • The minimum credit score for an FHA loan is 580 to qualify for the 3.5% down payment.

  • A positive rental history of 12 months of on-time payments can be used as part of your mortgage assessment when applying.

We understand that buying a home (especially your first home) is a big decision and an even bigger investment. Your Churchill Mortgage Home Loan Specialist is here to make sure your mortgage is providing for your future, not stealing from your present. In fact, we’re committed to doing what’s right for you.

So, what are you waiting for? We’re here and ready to answer all of your questions! Let’s make you a homeowner!

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By submitting this form, I/we agree to your Privacy Policy Terms of Use and authorize Churchill Mortgage Corporation and/or their Preferred Provider for our area and/or The Churchill Agency to receive the above information to assist in obtaining a home loan.

I/we also authorize Churchill Mortgage Corporation, The Churchill Agency and/or their Preferred Provider for our area to contact us regarding but not limited to mortgage and insurance services and products via telephone, mobile phone (including through automated dialing), and/or email, even if telephone numbers or email I/we provide are on any Do Not Call/Contact Registry, such as corporate, state, or the National Do Not Call Registry. The submission of this form does not constitute in any way a formal loan application or a commitment for a loan. By communicating with us by phone, you consent to calls being recorded and monitored. By participating, you consent to receive text messages sent by an automatic telephone dialing system. Consent to these terms is not a condition of purchase.

Your answer will NOT negatively affect your mortgage application. Your answer does not mean the Lender or Other Loan Participants agree to communicate or provide documents to you in your preferred language. However, it may let them assist you or direct you to persons who can assist you. Language assistance and resources may be available through housing counseling agencies approved by the U.S. Department of Housing and Urban Development. To find a housing counseling agency, contact one of the following Federal government agencies. U.S. Department of Housing and Urban Development (HUD) at (800)569-4287 or www.hud.gov/counseling

Es probable que su transacción de préstamo hipotecario suceda en inglés. Por medio de esta pregunta, solicitamos información para determinar si existen comunicaciones disponibles a su servicio, en su idioma preferido. Sírvase tener en cuenta: posiblemente NO hay comunicaciones disponibles en su idioma preferido.

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