Given the recent announcement by the US Department of Housing and Urban Development released on February 22nd, 2023, Cardtapp has made adjustments to the FHA calculators in our product.
What has changed?
The Department of Housing and Urban Development (HUD) announced a 30 basis point reduction in the annual mortgage insurance premiums charged to homebuyers who obtain an FHA-insured mortgage.
The premium will be reduced from 0.85% to 0.55% for most homebuyers seeking an FHA-insured mortgage.
Source: HUD.gov
What has changed in the Cardtapp platform with regard to the FHA calculator?
With regard to the FHA calculator in the Cardtapp platform, there have been recent updates made as of February 2023.
Specifically, these updates pertain to the calculation of estimated monthly payments for FHA MIP estimates, and they now incorporate the premium reduction announced by the US Department of Housing and Urban Development on February 22nd, 2023.
The previous value used in Cardtapp calculators for MIP estimate: 0.85%
The new value used in Cardtapp calculators for MIP estimate: 0.55%
This change applies:
For Base Loans – Less than or equal to $726,200
For LTV > 95.00%
These changes to the Cardtapp calculator are live in the product, now.