Upfront Premiums -FHA MIP Changes-
Effective for FHA loans for which the case number is assigned on or after October 4, 2010, for FHA traditional purchase and refinance products, the upfront premium, shown in basis points below, will be charged for all amortization terms.
Mortgage Type Upfront Premium Requirement
Purchase Money Mortgages and Full-Credit Qualifying Refinances 100 BPS
Streamline Refinances (all types) 100 BPS
Annual Premiums
Effective for FHA loans for which the case number is assigned on or after
October 4, 2010, FHA will increase the annual premiums collected on a monthly basis. For FHA traditional purchase and refinance products, the annual premium, shown in basis points below, is to be remitted on a monthly basis, and will be charged based on the initial loan-to-value ratio and length of the mortgage according to the following schedule:
LTV Annual Premiums for Loans > 15 Years
= or <>95 percent 90 BPS
The annual premium for amortization terms equal to or less than 15 years remains unchanged and is collected according to the following schedule.
LTV Annual Premiums for Loans = or < years =" or">90 percent 25 BPS
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