HUD Provides New HECM Option With Lower Loan Amount, Initial MIP

摘要

HUD has announced a new FHA home equity conversion mortgage (HECM) option, known as HECM Saver, that will reduce the initial mortgage insurance premium (MIP) for borrowers willing to accept a lower limit on the amount they can borrow.rnThe details of the new program, which will be available for FHA case numbers assigned on or after October 4, were outlined in Mortgagee Letter 2010-34, which was issued on September 21. The original HECM program will now be known as HECM Standard.