Out with old, in with new... FHA Mortgage Insurance

By
Mortgage and Lending with Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. LMB100023827. NMLS257576.

Here we go again! FHA mortgage insurance rates will be changing effective October 1st (bet you're getting used to hearing "changing" by now, huh??) But, before I post up the new ... I wanted to post what the CURRENT rates are for reference. (Stay tuned for the update to follow soon so be sure to subscribe to my posts for the update!)

FHA Single Family Mortgage Insurance

Upfront and Annual Mortgage Insurance Premiums

(Loan Terms < 15 years)

Effective as of July 14, 2008

 

Decision Credit Score

LTV

 

850-680

679-640

639-600

599-560

559-500

499-300

Non-Traditional

<

90

Upfront

1.00%

----------

Monthly

No monthly

Upfront

1.00%

----------

Monthly

No monthly

Upfront

1.25%

----------

Monthly

No monthly

Upfront

1.50%

----------

Monthly

No monthly

Upfront

1.75%

----------

Monthly

No monthly

Upfront

1.75%

----------

Monthly

No monthly

Upfront

1.50%

----------

Monthly

No monthly

90.01-95.00

Upfront

1.00%

----------

Monthly

.25%

Upfront

1.25%

----------

Monthly

.25%

Upfront

1.50%

----------

Monthly

.25%

Upfront

1.75%

----------

Monthly

.25%

Upfront

2.00%

----------

Monthly

.25%

 

 

N/A

Upfront

1.75%

----------

Monthly

.25%

> 95

Upfront

1.25%

----------

Monthly

.25%

Upfront

1.50%

----------

Monthly

.25%

Upfront

1.75%

----------

Monthly

.25%

Upfront

2.00%

----------

Monthly

.25%

Upfront

2.00%

----------

Monthly

.25%

 

 

N/A

Upfront

2.00%

----------

Monthly

.25%

FHA Single Family Mortgage Insurance

Upfront and Annual Mortgage Insurance Premiums

(Loan Terms > 15 years)

Effective as of July 14, 2008

 

Decision Credit Score

LTV

850-680

679-640

639-600

599-560

559-500

499-300

Non-Traditional*

<

 

90.00

Upfront

1.25%

---------

Monthly

.50%

Upfront

1.25%

---------

Monthly

.50%

Upfront

1.25%

---------

Monthly

.50%

Upfront

1.50%

---------

Monthly

.50%

Upfront

1.75%

----------

Monthly

.50%

Upfront

1.75%

---------

Monthly

.50%

Upfront

1.50%

------------

Monthly

.50%

 

90.01-95.00

Upfront

1.25%

---------

Monthly

.50%

Upfront

1.25%

---------

Monthly

.50%

Upfront

1.50%

---------

Monthly

.50%

Upfront

1.75%

---------

Monthly

.50%

Upfront

2.00%

----------

Monthly

.50%

 

 

N/A

Upfront

1.75%

----------

Monthly

.50%

 

> 95

Upfront

1.25%

---------

Monthly

.55%

Upfront

1.50%

---------

Monthly

.55%

Upfront

1.75%

---------

Monthly

.55%

Upfront

2.00%

---------

Monthly

.55%

Upfront

2.25%**

----------

Monthly

.55%

 

 

N/A

Upfront

2.00%

----------

Monthly

.55%

* Follow Non-Traditional credit/Insufficient credit underwriting guidelines published in Mortgagee letter 2008-11

** A first time homebuyer, with HUD approved counseling, will pay only 2.00% for the up-front mortgage insurance premium.

 

Posted by

Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.

Ruth Vogt Colorado Mortgage Lender Ruth Vogt, Sales Manager

 #LMB100023827, NMLSR# 257576

 Equal Housing Opportunity. 

 Regulated by the Division of Real Estate.

   www.ColoradoHomeLender.com

   ruthv@fairwaymc.com  303-881-7849.

 

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Courtney Cooper
All Seattle Homes for Sale: CooperJacobs.com - Seattle, WA
206-850-8841

I guess that is what they feel they have to do to keep up!  Thanks for the info:)

Aug 29, 2008 12:55 AM #1
Rainer
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yanni raz
hml investments - Los Angeles, CA

Can you do FHA loans in all 50 states?

Please email me and let me know: info@fidelitymutualmortgage.com

www.fidelitymutualmortgage.com

Sep 03, 2008 03:41 AM #2
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