FHA PMI Rates 2016 are lower than they have been for many years. This is a great move, and is possible only because the FHA PMI fund is now in “positive” territory, and they did not have to request additional funds from Congress. For the most part, if you are applying for a FHA Loan, your FHA PMI fees in 2016 are about .5% LESS on a monthly basis than they were in 2014!
Note – we refer to these fees as FHA PMI fees. In reality – that’s not what they are called by the Industry. They are normally referred to as FHA MIP fees. It’s mortgage insurance. It covers the Bank in case you go into foreclosure… no matter what you call it, it’s the same thing.
If you already have a FHA Loan, and you are considering a refinance – you just got a bonus!
Low Mortgage rates for a FHA Streamline No Appraisal refinance (that normally costs you ZERO) and lower monthly FHA PMI fees! Win-Win!
Doesn’t happen that often! You can also do a FHA Streamline Refinance if you no longer live in the property! Some banks don’t offer this program, but we’ve seen homeowners with FHA loans at 4.75% save more than $200 a month – with no cost out-of-pocket!
Obviously, mortgage interest rates changes daily (sometimes hourly) so if you are reading this in November of 2015… and rates have already gone up… you should still be happy that you are getting a really good deal on the FHA PMI Rates 2015!
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FHA PMI Rates / FHA Loans More Than 15 Year Terms |
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| Base Loan Amount |
LTV |
Effective | Annual PMI | UFPMI |
| ≤$625,500 | ≤ 95.00% | Jan 26, 2015 | .85 % | 1.75% |
| ≤$625,500 | > 95.00% | Jan 26, 2015 | .85 % | 1.75% |
| Above $625,500 | ≤95.00% | Jan 26, 2015 | 1.50% | 1.75% |
| Above $625,500 | > 95.00% | Jan 26, 2015 | 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 Rates / FHA Loans Less Than 15 Year Terms |
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| Base Loan Amount |
LTV |
Effective | Annual PMI | UFPMI |
| ≤$625,500 | ≤ 90.00% | Jan 26, 2015 |
.45% |
1.75% |
| ≤$625,500 | > 90.00% | Jan 26, 2015 |
.70% |
1.75% |
| Above $625,500 | ≤ 90.00% | Jan 26, 2015 |
.70% |
1.75% |
| Above $625,500 | > 90.00% | Jan 26, 2015 |
.90% |
1.75% |
| Exception: 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:
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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 :)