Earlier this year, HUD announced that significant mortgage insurance premium (MIP) rate reductions will be available, effective April 1, 2016, for Federal Housing Administration (FHA) insured multifamily loans secured by buildings that attain NGBS Green certification. Annual MIP rates will be reduced to 25 basis points from the current rates, generally between 45 and 70 basis points, for all multifamily FHA-insured loan types that meet the following two conditions:
The rate reductions can apply for multifamily new construction, renovation, refinance, purchase, or elderly housing. NGBS Green offers flexible and affordable certification for both new construction and renovation. If you are interested in seeking the dual benefit of lower MIP rates and NGBS Green certification, contact Home Innovation Research Labs. We are happy to help you get started.
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