FHA MIP Changes

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