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New Upfront and Annual Mortgage Insurance Premiums (Loan Terms GREATER THAN 15 years) Effective as of July 14, 2008 |
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Decision Credit Score (FICO) |
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850-680 |
679-640
|
639-600 |
599-560 |
559-500 |
499-300 |
NON-TRADITIONAL |
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LTV |
Upfront/Monthly |
Upfront/Monthly |
Upfront/Monthly |
Upfront/Monthly |
Upfront/Monthly |
Upfront/Monthly |
Upfront/Monthly |
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≤ 90.00 |
1.25%/.50% |
1.25%/.50% |
1.25%/.50% |
1.50%/.50% |
1.75%/.50% |
1.75%/.50% |
1.50%/.50% |
|
90.01-95.00 |
1.25%/.50% |
1.25%/.50% |
1.50%/.50% |
1.75%/.50% |
2.00%/.50% |
n/a |
1.75%/.50% |
|
> 95 |
1.25%/.55% |
1.50%/.55% |
1.75%/.55% |
2.00%/.55% |
2.25%a/.55% |
n/a |
2.00%/.55% |
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a. A first-time homebuyer, with HUD-approved counseling, will pay only 2.00% for the upfront mortgage insurance premiums. |
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Just a reminder that the above chart is for the New Upfront PMI for FHA loan. It is fast approaching and you don't want to be caught using the old percentages which would drastically hinder your loan for your customer.
Also please remember that the footnote states, taht A First Time Home Buyer, with HUD approved counseling will pay only 2% for the upfront.
I hope this information is helpful. Have a great day !
Eric Meruelo
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