Effective April 18, 2011 FHA Monthly Mortgage Insurance Premium (MIP)
Will Increase By 0.25 to 1.15 Point
UFMIP Will Remain at 1.00 Point
New Monthly Mortgage Insurance Premium (MIP)The FHA annual premium, shown below, paid monthly, will charged based on the initial Loan to Value and length of the mortgage according to the following schedule:
30 Year Loans MIP Fee
LTV < 95% Loan To Value 1.10%
LTV >=95% Loan to Value 1.15%
15 Year Loans MIP Fee
LTV < 95% 0.25%
LTV >=95% 0.50%
Last FHA MIP Change was On Oct 4, 2010
Effective for FHA case numbers ordered on or after October 4, 2010, UFMIP Fee is reduced to 1.0% of the loan amount and the Annual MIP Fee increased from 0.55% to 0.90%
FHA charges Two mortgage insurance premium fees on each loan;
Up Front Mortgage Insurance Premium (UFMIP)
Annual mortgage Insurance (MIP) paid monthly.
FHA Upfront Mortgage Insurance Premiums (UFMIP)
UFMIP Fee is paid once and is typically financed by adding it to the loan amount although it may also be paid in cash by the buyer or seller.
Below are the current premiums:
Purchase Money and Qualifying Refinances = 1.00 Percent.
Streamline Refinances (all types) = 1.00 Percent.
Monthly Mortgage Insurance Premium (MIP) up to April 17, 2011
An annual premium, shown below, paid monthly, will also be charged based on the initial Loan to Value and length of the mortgage according to the following schedule:
30 Year Loans MIP Fee
LTV < 95% Loan To Value 0.85%
LTV >=95% Loan to Value 0.90%
15 Year Loans MIP Fee
Less than 95% Loan to Value None
LTV >=95% 0.25%
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