March 1, 2023
Lender Bulletin 2023-5:
Reduction in Annual Single-Family Mortgage Insurance Premium
Effected Programs:
First-Time Homebuyer and Homeward Bound Programs
NJHMFA encourages all of our business partners and constituents to submit any and all documentation in an electronic format whenever possible as staff will continue to check email and review information submitted electronically.  

Attention Lenders:
NJHMFA Reduction in Annual Single-Family Mortgage Insurance Premium
This bulletin is regarding HUD’s Reduction in Annual Single-Family Mortgage Insurance Premium requirements issued on February 22, 2023. HUD’s Mortgagee Letter 2023-05 (ML), issued on February 22, 2023, informs lenders of the reduction in the FHA MIP Premium for the monthly payment obligation for FHA-insured first mortgages. As issued in the Letter, this guidance must be used for all mortgages endorsed on or after March 20, 2023, and lenders may begin using the announced policies immediately.
 
NJHMFA recognizes that this represents a significant change to the way MIP Premiums are calculated for FHA loans. Lenders are encouraged to use the new guidelines to help more New Jersey buyers qualify for our loans. Please note that NJHMFA has no overlays or restrictions regarding this new guideline and Participating Lenders are advised to follow the reduction in the FHA MIP Premium for the monthly payment.
Questions? Need Help? 

If you have questions about one of our loan products or need help with a loan in the ILRS system, please e-mail your requests to SFLenders@njhmfa.gov.

Access Forms, Checklists, Policies, Previous Lender Bulletins, and More at the Lender Resources Page: www.njhousing.gov/lenders/lenderportal
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New Jersey Housing and Mortgage Finance Agency | 609-278-7400 | NJHousing.gov