New FHA Annual (monthly) MIP Increases

These changes were effective April 18, 2011 (for case numbers assigned on or after this date) 

The Upfront Mortgage Insurance remains at 1.00%.

The Annual Insurance Premium will increase from .90% to 1.15% for LTV’s greater than 95% on 30 yr loans.

The Annual Insurance Premium will increase from .85% to 1.10% for LTV’s less than or equal to 95% on 30 yr loans.

The Annual Insurance Premium will increase from .25% to .50% for LTV’s greater than 90% on 15 yr loans.

The Annual Insurance Premium will increase from 0% to .25% for LTV’s less than or equal to 90% on 15 yr loans.

To read Mortgagee Letter 11-10 in its entirety, click here.

In other words: on a $100,000 FHA 30 year fixed this equals a $21 higher monthly payment for homebuyers.

Please call or email Max Leaman for more information. (512) 293-1239 or Max@MaxLeaman.com.

 

 

About Max Leaman Austin Mortgage

GREAT RATES, LOW FEES, CLOSE ON TIME™ ---- 2012 Ranked #1 Austin Residential Mortgage Lender (Austin Business Journal) 2010, 2011 & 2012 Five Star Professional (Texas Monthly) 2009, 2010, 2011, 2012, 2013 PrimeLending Chairman's Circle Award 2009, 2010, 2011, 2012 Scotsman Guide Top Originator (Top 200 Mortgage Professionals in U.S.A.) Better Business Bureau "A+ Rating" National Lender Rankings (Scotsman Guide): Top Purchase Volume (No. 10) Most Loans Closed (No. 32) Top Dollar Volume (No. 88)

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