AC-010 FHA Reduced Annual MIP
FHA Annual Mortgage Insurance Premium Reduction
Florida Capital Bank, is pleased to align with Mortgagee Letter 203-05 that announced FHA’s reduction of the Annual Mortgage Insurance Premium (annual monthly MIP) rates by 30 basis points (0.30%) on mortgages endorsed for insurance by FHA on or after March 20, 2023.
Broker Transactions
FLCBank accepts FHA loans “registered” with the reduced premium amount as of March 1, 2023.
NDC Transactions
FLCBank will accept FHA loans “finaled” with the reduced premium amount as of March 1, 2023.
Correspondent Transactions
FLCBank will purchase FHA loans with reduced premium amounts as long as the FHA endorsement date is on or after March 20, 2023. FHA loans endorsed prior to March 20, 2023 must use the “current-higher” premium.