|
Effective April 5, 2010
New FHA mortgage insurance premiums
Effective October
1, 2008
The Housing
and Economic Recovery Act of 2008 provides
for a one-year moratorium on the implementation
of FHA’s risk-based
premiums beginning October 1, 2008.
Consequently,
effective with new FHA loans on or after
that date, FHA will no longer base its
mortgage insurance premiums on a combination
of credit bureau score and loan-to-value
ratio. The new premiums (upfront
and annual) to be implemented for all
loans for which a case number is assigned
on or after October 1, 2008, are described
below..
Upfront Premiums:
FHA will charge an upfront premium in
an amount equal to the following percentages
of the mortgage:
-
Purchase Money Mortgages and
Full-Credit Qualifying Refinances
= 1.75 Percent
-
Streamline Refinances (all types)
= 1.50 Percent
-
FHASecure (Delinquent Mortgagors)
= 3.00 Percent
Annual Premiums:
An annual premium, shown in basis points
below, to be remitted on a monthly basis,
will also be charged based on the initial
loan-to-value ratio and length of the
mortgage (except for FHASecure) according
to the following schedule:
-
Purchase Money Mortgages, Full-Qualifying
Refinances, and Streamline Refinances:
|
LTV
|
Annual
for Loans >15 Years)
|
LTV
|
Annual
for Loans < 15 Years
|
|
<
95
|
50
|
<
90
|
-None-
|
|
>
95
|
55
|
>
90
|
25
|
|
LTV
|
Annual
(all loan terms)
|
|
<
95
|
50
|
|
>
95
|
55
|
|
