Written By: Stacey Sprain
Don’t forget that for all cases assigned on and after Monday, October 4th the MI premium structure changes for all of your FHA lending!
Keep these charts handy for reference so you can double-check to make sure your loans include the correct up-front MIP and annual/monthly premium rates based on case assignment dates! These will be super handy for underwriters in particular as you will need to be the “gate keepers” on making sure the correct premiums and incorporated into each FHA loan according to the original case assignment dates in the files!
FHA Mortgage Insurance Premiums Effective for Cases Assigned on and After 10/04/2010 As Per Mortgagee Letter 2010-28
Loan Type
1. PURCHASE
2. CASH-OUT OR NON-CASH OUT REFINANCE
3. STREAMLINE REFINANCE
Up-Front Premium
1. 1.0%
2. 1.0%
3. 1.0%
Annual Premiums
Term > 15 yrs
1. >95% LTV = .90
<=95% LTV = .85
2. >95% LTV = .90
<=95% LTV = .85
3. >95% LTV = .90
<=95% LTV = .85
Term <=15 yrs
1. >90% LTV = .25
<=90% LTV = n/a
2. >90% LTV = .25
<=90% LTV = n/a
3. >90% LTV = .25
<=90% LTV = n/a
FHA Mortgage Insurance Premiums Effective for Cases Assigned 4/05/2010 – 10/03/2010 As per Mortgagee Letter 2010-02
Loan Type
1. PURCHASE
2. CASH-OUT OR NON-CASH OUT REFINANCE
3. STREAMLINE REFINANCE
Up-Front Premium
1. 2.25%
2. 2.25%
3. 2.25%
Annual Premiums
Term > 15 yrs
1. >95% LTV = .55
<=95% LTV = .50
2. >95% LTV = .55
<=95% LTV = .50
3. >95% LTV = .55
<=95% LTV = .50
Term <=15 yrs
1. >90% LTV = .25
<=90% LTV = n/a
2. >90% LTV = .25
<=90% LTV = n/a
3. >90% LTV = .25
<=90% LTV = n/a
FHA Mortgage Insurance Premiums Effective for Cases Assigned 10/01/2008 – 04/04/2010 As per Mortgagee Letter 2008-22
Loan Type
1. PURCHASE
2. CASH-OUT OR NON-CASH OUT REFINANCE
3. STREAMLINE REFINANCE
Up-Front Premium
1. 1.75%
2. 1.75%
3. 1.75%
Annual Premiums
Term > 15 yrs
1. >95% LTV = .55
<=95% LTV = .50
2. >95% LTV = .55
<=95% LTV = .50
3. >95% LTV = .55
<=95% LTV = .50
Term <=15 yrs
1. >90% LTV = .25
<=90% LTV = n/a
2. >90% LTV = .25
<=90% LTV = n/a
3. >90% LTV = .25
<=90% LTV = n/a
About The Author
Stacey Sprain - As an NAMP® staff writer, Ms. Stacey Sprain is currently a NAMP® member in good standing, and is a NAMP® Certified Ambassador Loan Processor (NAMP®-CALP). With over 15+ years of mortgage banking experience, Stacey is also a Quality Control Manager for a major mortgage lending institution. If you would like to become a volunteer writer for us, please email us at: contact@mortgageprocessor.org.
