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® – (800) 301-3405 Since 2001, Leaman Team has helped clients to purchase, refinance and renovate. The biggest distinction between lenders is their honesty, customer service, and ability to close on time.

Comments are closed.