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FHA PMI Term > 15 Years |
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| Base Loan Amount |
LTV |
Effective | Annual PMI | UFPMI |
| ≤$625,500 | ≤ 95.00% | April 1, 2013 | 1.30 % | 1.75% |
| ≤$625,500 | > 95.00% | April 1, 2013 | 1.35 % | 1.75% |
| Above $625,500 | ≤95.00% | April 1, 2013 | 1.50% | 1.75% |
| Above $625,500 | > 95.00% | April 1, 2013 | 1.55% | 1.75% |
| NOTE! Guideline Change. NO MATTER What the LTV is, there is a FHA PMI fee | ||||
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FHA PMI Term < 15 Years |
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| Base Loan Amount |
LTV |
Effective | Annual PMI | UFPMI |
| ≤$625,500 | ≤ 90.00% | April 1, 2013 |
.45% |
1.75% |
| ≤$625,500 | > 90.00% | April 1, 2013 |
.70% |
1.75% |
| Above $625,500 | ≤ 90.00% | April 1, 2013 |
.70% |
1.75% |
| Above $625,500 | > 90.00% | April 1, 2013 |
.90% |
1.75% |
| Exception: New Streamline Refinances previously endorsed on or before May 31,2009 | ||||
| Base Loan Amount |
LTV |
Effective | Annual PMI | UFPMI |
| Any Amount |
Any |
June 11, 2012 |
.55% |
.01% |
Note that FHA has also issued guidance regarding how long FHA PMI will be on the loan. Effective June 3, 2013 the following will be in effect:
|
Previous and New FHA Annual PMI – How Long Will FHA PMI Stay on My Loan? |
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| Loan Term |
LTV |
Effective | Previous | New |
| ≤ 15 yrs | ≤ 78 | June 3, 2013 | No annual MIP | 11 years |
| ≤ 15 yrs | > 78 – 90.00 | June 3, 2013 | Cancelled at 78% LTV | 11 years |
| ≤ 15 yrs | > 90.00 | June 3, 2013 | Cancelled at 78% LTV | Loan term |
| > 15 yrs | ≤ 78 | June 3, 2013 | 5 years | 11 years |
| > 15 yrs | > 78 – 90.00 | June 3, 2013 |
Cancelled at 78% LTV & 5 yrs |
11 years |
| > 15 yrs | > 90.00% | June 3, 2013 |
Cancelled at 78% LTV & 5 yrs |
Loan Term |
Are you ready to do a FHA Streamline Refinance? We offer the cheapest mortgage rates available, and we know how the FHA PMI Rates will affect your mortgage payments!! Call Steve Thorne 919 649 5058
I try and answer all questions :)