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What is the FHA Mortgage Insurance Premium structure for forward mortgage loans?

In most FHA programs, an Up-Front Mortgage Insurance Premium (UFMIP) is collected at loan closing; and an Annual Mortgage Insurance Premium (MIP) is collected in monthly installments. The FHA mortgage insurance premium is based upon the date that the FHA Case Number was assigned.

UFMIP
Cases assigned on or after 04/09/12
Purchase/Refinance = 1.75% of the base loan amount
Streamline Refinance = 1.75% of the base loan amount

Note: Cases assigned 06/11/12 or later
Streamline Refinance of FHA loans endorsed on or before 05/31/09 = 0.01% UFMIP


ANNUAL MIP
Purchase/Refinance & Streamline Refinance

Cases assigned on or after 04/01/13
Loan Term more than 15 Yrs
Base Loan Amount $625,500 or less
- LTV 95.01% or more = 1.35%
- LTV 95.00% or less = 1.30%
Base Loan Amount above $625,500
- LTV 95.01% or more = 1.55%
- LTV 95.00% or less = 1.50%

Loan Term 15 Yrs or less
Base Loan Amount $625,500 or less
- LTV 90.01% or more = .70%
- LTV 78.01% to 90.00 % = .45%
- LTV 78.00% or less = 0.00%
Base Loan Amount above $625,500
- LTV 90.01% or more = .95%
- LTV 78.01% to 90.00 % = .70%
- LTV 78.00% or less = 0.00%


Cases assigned on or after 06/03/13
Loan Term 15 Yrs or less
All Base Loan Amounts
-LTV 78.00% or less = .45%


Cases assigned 06/11/12 - 03/31/13
Loan Term more than 15 Yrs
Base Loan Amount $625,500 or less
- LTV 95.01% or more = 1.25%
- LTV 95.00% or less = 1.20%
Base Loan Amount above $625,500
- LTV 95.01% or more = 1.50%
- LTV 95.00% or less = 1.45%

Loan Term 15 Yrs or Less
Base Loan Amount $625,500 or less
- LTV 90.01% or more = .60%
- LTV 78.01% to 90.00% = .35%
- LTV 78.00% or less 0.00% (exempt)
Base Loan Amount above $625,500
- LTV 90.01% or more = .85%
- LTV 78.01% to 90.00% = .60%
- LTV 78.00% or less = 0.00% (exempt)


Note: For Streamline Refinance of FHA loans endorsed on or before 05/31/09, the Annual MIP = .55%, regardless of the Base Loan Amount.


The increase in Annual MIP set forth in ML 13-04 does not apply to:
Streamline refinance of existing FHA loans that were endorsed on or before 05/31/09
Title I
Home Equity Conversion Mortgages (HECM)
Section 247 (Hawaiian Homelands)
Section 248 (Indian Reservations)

Mortgagee Letters are available at http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/letters/mortgagee

ML 13-4, 11-35



REFERENCE

ML 13-04, ML 11-35


REFERRAL LOCATION


DISCLAIMER

All policy information contained in this knowledge base article is based upon the referenced HUD policy document. Any lending or insuring decisions should adhere to the specific information contained in that underlying policy document.