FHA Mortgage Insurance Premiums (MIP)
(effective for case numbers assigned after Aprill, 2013)
Beginning with FHA case numbers that are assigned AFTER
April 1, 2013, the FHA Mortgage Insurance Premiums are changing as follows:
30 Year Loan:
...The "upfront" MIP: ...NO CHANGE ... continues to be.... 1.75% x loan amount ...The
annual MIP factor (divide annual amount by 12 to get monthly premium)
Original LTV (%) Currently New Cancelled
(currently) Cancelled (New)
Less than 78% 1.20% 1.30% after 5 years after 11 years
78% - 89.999% 1.20% 1.30% 78% & 5 years after 11
years
90% - 94.999% 1.20% 1.30% 78% & 5 years End of
loan term
95%-96.5% 1.25% 1.35% 78% & 5 years End of
loan term
15 Year Loan:
...The "upfront" MIP: ...NO CHANGE ... continues to be.... 1.75% x loan amount ...The
annual MIP factor (divide annual amount by 12 to get monthly premium)
Original LTV (%) Currently New Cancelled
(currently) Cancelled (New)
Less than 78% None .45% after
11 years
78% - 89.999% .35% .45% 78% after 11 years
90% - 96.5% .60% .70% 78% End
of loan term
Summary:
For those who don't care about "details ...... what you
need to know about
FHA financing.......As of April 1, 2013 for the most common
FHA loans .... 30 year loan and 96.5% LTV..(3.5% down payment)....
(to calculate the monthly MIP premium, take the final loan
amount (including upfront MIP) times the annual MIP factor and then divide by
12)
Paul Kottich, XCO
First Mortgage Company
Ofc. 402-493-7600 ext 314
Cell 402-490-2550 NMLS#2 13685
Fax 402-493-6951
Apply online: http://www.firstmortgageco.com/paulkottich
