--- title: Reduced FHA MIP is Ready at Plaza description: With the recent announcement of the reduction of FHA annual Mortgage Insurance Premium (MIP), Plaza will apply the new MI factors to FHA loans effective Monday, February 27, 2023. --- [Skip to Content](https://news.plazahomemortgage.com/newsupdates/reduced-fha-mip-is-ready-at-plaza#main) - [wholesale](https://www.plazahomemortgage.com/becomeabroker/) - [Non-Delegated Correspondent](https://www.plazahomemortgage.com/minicorrespondent/) - [national correspondent](https://www.plazahomemortgage.com/correspondentlending/) - [reverse](https://www.plazahomemortgage.com/reverse/) - [about us](https://www.plazahomemortgage.com/aboutus/) - [contact us](https://www.plazahomemortgage.com/contactus/) [logo links to homepage](https://www.plazahomemortgage.com/) - [Wholesale](https://breeze.plazahomemortgage.com/epicportal/Default.aspx) - [Non-Delegated Correspondent](https://breeze.plazahomemortgage.com/epicportal/Default.aspx) - [National Correspondent](https://www.plazahomemortgage.com/login/) - [Reverse](https://www.plazahomemortgage.com/login/) - [wholesale](https://www.plazahomemortgage.com/becomeabroker/) - [Non-Delegated Correspondent](https://www.plazahomemortgage.com/minicorrespondent/) - [national correspondent](https://www.plazahomemortgage.com/correspondentlending/) - [reverse](https://www.plazahomemortgage.com/reverse/) - [about us](https://www.plazahomemortgage.com/aboutus/) - [contact us](https://www.plazahomemortgage.com/contactus/) - [Guest Login](https://www.plazahomemortgage.com/login/) - [Broker Login](https://breeze.plazahomemortgage.com/epicportal/Default.aspx) - [Mini-Correspondent Login](https://breeze.plazahomemortgage.com/epicportal/Default.aspx) - [Correspondent Login](https://www.plazahomemortgage.com/login/) - [Reverse Login](https://www.plazahomemortgage.com/login/) ![PHM_Blog_Hero_820](https://news.plazahomemortgage.com/hubfs/PHM_Blog_Hero_820.jpg "PHM_Blog_Hero_820") # Plaza News + Updates # Reduced FHA MIP is Ready at Plaza Posted by [Plaza Home Mortgage](https://news.plazahomemortgage.com/newsupdates/author/plaza-home-mortgage) on February 24, 2023 ![Plaza Home Mortgage](https://news.plazahomemortgage.com/hubfs/PHM-Clover-RGB_300x300.jpg) Great news for borrowers! With the [recent announcement](https://www.hud.gov/sites/dfiles/OCHCO/documents/2023-05hsgml.pdf?utm_source=sfmc+pennymac&utm_medium=email&utm_campaign=NONDEL+FHA+MIP+DROP+-+CONTACTS&utm_term=Mortgagee+Letter+(ML)+2023-05&utm_id=646864&sfmc_id=148888308) of the reduction of FHA annual Mortgage Insurance Premium (MIP), [Plaza Home Mortgage](https://www.plazahomemortgage.com/)® will apply the new MI factors to FHA loans effective Monday, February 27, 2023. New MI factors will be applied to: - All loans closed on February 27 or after - All existing pipeline loans will have the new MIP applied (excluding Reverse and Streamlines) Any new loans created in BREEZE starting February 24, 2023, will reflect the new MI factors.  This is a great opportunity to reach out to those potential FHA buyers who may be on the fence! Reach out to your Plaza Account Executive if you have any questions, or email us at [hereforyou@plazahomemortgage.com](mailto:hereforyou@plazahomemortgage.com). 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