HUD Increases MIP
Novogradac is reporting that the U.S. Department of Housing and Urban Development (HUD) published a notice announcing the implementation of increases to mortgage insurance premiums (MIPs) for certain FHA multifamily housing programs. The notice also addresses public comments HUD received in response to the announced MIP increases. HUD said the MIP increases will provide additional protection for the General Insurance and Special Risk Insurance fund, increase receipts to the Treasury and encourage private lending to return to the market by ensuring that FHA is not underpricing its risk. The revised MIP will be effective for any firm commitments issued or reissued on or after Oct. 1, with the exception of transactions for which firm commitment applications were submitted prior to June 1. See the Aug. 15 Federal Register notice for more information.
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