FHA Annual Mortgage Insurance Premium Increase
|
Introduction |
FHA issued Mortgagee Letter 2011-10, February 14, 2011, which announces a 25 basis point increase to the annual mortgage insurance premiums (AMIP) for forward amortizing loans. The increase applies to all 30- and 15-year loans. The upfront mortgage insurance premium (UFMIP) remains unchanged at one percent. |
|
Effective |
The increase in the annual mortgage insurance premiums is effective for FHA case numbers assigned on or after April 18, 2011. |
|
Loan terms > than 15 years |
|
|
Loan terms < or = to 15 years
|
|
|
Increase does not apply to: |
Home Equity Conversion Mortgages (Reverse Mortgages) |
|
Cancellation of AMIP |
The AMIP will be cancelled when the LTV reaches 78% provided that the mortgagor has paid the annual MIP for at least five years. |
Comments(0)