August 18, 2017

FHA Mortgage Insurance Premium Changes October 4, 2010

Seattle real estate home owners and buyers with FHA financing please read!!

As announced on the Mortgage Reel, FHA has decided to change the mortgage insurance premiums for FHA financing starting on October 4, 2010.  This change impacts all FHA products with case numbers assigned on or after Monday.  If you currently have FHA financing, your home loan terms will remain the same.  Final week to prepare!

Upfront Mortgage Insurance Premium (UFMIP) Change for case numbers assigned on:

FHA Mortgage

Case Numbers Assigned on or after 10/4/2010 – Funding Fee Case Numbers Assigned on or after 4/5/2010 – 10/3/2010  Funding Fee
Purchase Money Mortgages and Full Credit Qualifying Refinances 1.00% 2.25%
All Streamline Refinances 1.00%

2.25%

 

The monthly Mortgage Insurance Premium (MIP) changes for case numbers assigned on:

Prior to October 4, 2010

Loan to Value (LTV) For Loans > 15 Years
? 95 (less than or equal to) .50 x base w/o UFMIP / 12
>95 .55 x base w/o UFMIP / 12

 

Loan to Value (LTV) For Loans ? 15 Years (less than or equal to)
?90 (less than or equal to) None
>90 .25 x base loan w/o UFMIP / 12

 

On or After October 4, 2010

Loan to Value (LTV) For Loans > 15 Years
? 95 (less than or equal to) .85 x base loan w/o UFMIP / 12
>95 .90 x base loan w/o UFMIP / 12

 

Loan to Value (LTV) For Loans ? 15 Years (less than or equal to)
?90 (less than or equal to) None
>90 .25 x base loan w/o UFMIP / 12

 

If you have questions on your loan structure and/or opportunities to refinance and save money, please contact us!




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Comments

  1. On a 30 year term, with a 20% down payment, is there still an FHA insurance premium?

    what if the down payment is MORE than 20%?

    up front and/or monthly?

    • Typically, an FHA loan is a viable option when down payment is less than 20% of purchase price. With a 20% down payment, no monthly mortgage insurance (MI) is required. When down payment is 20% or greater, Conventional financing would be your best option.

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