What is an MIP (Mortgage Insurance Premium)?
An MIP , or Mortgage Insurance Premium, is an annual payment on a HUD mortgage, paid at closing, for each year of construction, and annually.
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MIP (Mortgage Insurance Premium) and the HUD 223(f) Loan Program
An MIP, or Mortgage Insurance Premium, is an annual payment on a HUD mortgage, paid at closing, for each year of construction, and annually. MIP for HUD 223(f) loans is:
25 basis points for properties using a Green MIP Reduction
65 basis points for market rate properties
70 basis points for Section 220 urban renewal projects that are not Section 8 or LIHTC