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

By Ruth Vogt

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

August 29, 2008 12:33 AM

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.