How much will the new FHA MIP Rules change save me?

Surprisingly, one of the brightest spots of the president’s State of the Union Address last night which might have received a standing ovation from both sides of the aisle barely received a passing mention!

The bright shining spot in his speech was the president’s recent directive to HUD regarding the FHA Annual Mortgage Insurance Premium. Effective January 26, 2015 the FHA is decreasing the annual mortgage insurance premium [MIP] from 1.35% to 0.85% benefiting most FHA loans issued since May 31, 2009