Peoria AZ Glendale AZ PhoenixAZ Surprise AZ FHA Mortgage Home Loans

By
Mortgage and Lending with Fairway Independent Mortgage Corp LO -0914688 NMLS#221295

What is the FHA Mortgage Insurance Premium structure for forward mortgage loans?

In most FHA programs, an Up-Front Mortgage Insurance Premium (UFMIP) is collected at loan closing; and an Annual Mortgage Insurance Premium (MIP) is collected in monthly installments. The FHA mortgage insurance premium is based upon the date that the FHA Case Number was assigned.

UFMIP
• 04/09/12 or later
Purchase/ Refinance/Streamline Refinance
1.75%
Note: 06/11/12 or later
Streamline Refinance transactions of FHA loans endorsed on or before 05/31/09 0.01%

• 10/04/10 -04/08/12
Purchase/ Refinance/Streamline Refinance
1.00%

ANNUAL MIP
06/11/12 or later
Purchase/Refinance/Streamline Refinance
• Loan Term More Than 15 Yrs
Base Loan Amount $625,500 or less
- LTV 95.01% or more 1.25%
- LTV 95.00% or less 1.20%

• Loan Term More Than 15 Yrs
Base Loan Amount Above $625,500
- LTV 95.01% or more 1.50%
- LTV 95.00% or less 1.45%

• Loan Term 15 Yrs or Less
Base Loan Amount $625,500 or less
- LTV 90.01% or more .60%
- LTV 78.01% to 90.00 % .35%
- LTV 78.00% or less 0.00% (exempt)

• Loan Term 15 Yrs or Less
Base Loan Amount Above $625,500
- LTV 90.01% or more .85%
- LTV 78.01% to 90.00 % .60%
- LTV 78.00% or less 0.00% (exempt)

Note: For Streamline Refinance transactions that are refinancing FHA loans endorsed on or before 05/31/09, the Annual MIP will be .55%, regardless of the Base Loan Amount.. However, if the new loan has a term of 15 years or less and an LTV of 78.00% or less, 0.00% (exempt).

04/09/12-06/10/12
Purchase/Refinance/Streamline Refinance
• Loan Term More Than 15 Yrs
- LTV 95.01% or more 1.25%
- LTV 95.00% or less 1.20%

• Loan Term 15 Yrs or Less
- LTV 90.01% or more .60%
- LTV 78.01% to 90.00 .35%
- LTV 78.00% or less 0.00% (exempt)

04/18/11 - 04/08/12
Purchase/Refinance/Streamline Refinance
• Loan Term More Than 15 Yrs
- LTV 95.01% or more 1.15%
- LTV 95.00% or less 1.10%

• Loan Term 15 Yrs or Less
- LTV 90.01% or more .50%
- LTV 78.01% to 90.00 % .25%
- LTV 78.00% or less 0.00% (exempt)

This MIP structure does not apply to:
Title I
Home Equity Conversion Mortgages (HECM)
Section 247 (Hawaiian Homelands)
Section 248 (Indian Reservations)
Section 223(e) (Declining Neighborhoods


Handbook 4155.2, 7.3.c
ML 12-4, 11-35, 11-10, 10-34, 10-28, 10-02, 08-22



REFERENCE

ML 12-4, 11-35, 11-10, 10-34,10-28,10-02, 08-22; Handbook 4155.2, 7.3.c


REFERRAL LOCATION

 


DISCLAIMER

DISCLAIMER: All policy information contained in this knowledge base article is based upon the referenced HUD policy document. Any lending or insuring decisions should adhere to the specific information contained in that underlying policy document.

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