|
The following charts
show upfront and annual
Mortgage
Insurance Premium rates for
FHA
mortgages starting July 14, 2008:
For mortgages with a term of 16
to 30 years
|
FHA Single
Family Mortgage Insurance
Upfront and Annual Mortgage
Insurance Premiums
Effective as of July 14, 2008
|
|
Credit
Score |
850-680
|
679-640
|
639-600
|
599-560
|
559-500
|
499-300
|
NON-TRADITIONAL
|
|
LTV
|
|
≤
90.00%
|
1.25%
0.50%
|
1.25%
0.50%
|
1.25%
0.50%
|
1.50%
0.50%
|
1.75%
0.50%
|
1.75%
0.50%
|
1.50%
0.50%
|
|
90.01%-95.00%
|
1.25%
0.50%
|
1.25%
0.50%
|
1.50%
0.50%
|
1.75%
0.50%
|
2.00%
0.50%
|
n/a
|
1.75%
0.50%
|
|
> 95%
|
1.25%
0.55%
|
1.50%
0.55%
|
1.75%
0.55%
|
2.00%
0.55%
|
2.25%*
0.55%
|
n/a
|
2.00%
0.55%
|
|
*A
first-time homebuyer, with HUD-approved
counseling, will pay only 200
basis points for the upfront
mortgage insurance premiums. |
For mortgages with a term of 15
years or less
FHA Single
Family Mortgage Insurance
Upfront and Annual Mortgage
Insurance Premiums
Effective as of July 14, 2008 |
|
Credit
Score |
850-680
|
679-640
|
639-600
|
599-560
|
559-500
|
499-300
|
NON-TRADITIONAL
|
|
LTV
|
|
|
≤
90.00%
|
1.00%
0.00%
|
1.00%
0.00%
|
1.25%
0.00%
|
1.50%
0.00%
|
1.75%
0.00%
|
1.75%
0.00%
|
1.50%
0.00%
|
|
90.01%-95.00%
|
1.00%
0.25%
|
1.25%
0.25%
|
1.50%
0.25%
|
1.75%
0.25%
|
2.00%
0.25%
|
n/a
|
1.75%
0.25%
|
|
>
95%
|
1.25%
0.25%
|
1.50%
0.25%
|
1.75%
0.25%
|
2.00%
0.25%
|
2.00%
0.25%
|
n/a
|
2.00%
0.25%
|
Future Changes
to the Risk-based Premium Schedule
It is FHA’s
intent to make any subsequent changes
to the risk-based premium schedule only
on an annual basis and make them effective
at the beginning of their fiscal year.
FHA’s fiscal year begins October 1 and
ends September 30.
|
|
Upfront Mortgage Insurance
Premium Refund Percentages
|
|
|
Month of Year
|
|
Year
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
9
|
10
|
11
|
12
|
|
1
|
80
|
78
|
76
|
74
|
72
|
70
|
68
|
66
|
64
|
62
|
60
|
58
|
|
2
|
56
|
54
|
52
|
50
|
48
|
46
|
44
|
42
|
40
|
38
|
36
|
34
|
|
3
|
32
|
30
|
28
|
26
|
24
|
22
|
20
|
18
|
16
|
14
|
12
|
10
|
Highlights
Regarding FHA’s Risk-Based Premiums
-
Upfront
Mortgage Insurance Premium (UFMIP)
will range from 1.25 percent of
the loan amount for lower-risk borrowers
to 2.25 percent for riskier borrowers.
-
No borrower
who qualifies for a FHA-insured
mortgage will pay more than 2.25
percent on the upfront mortgage
insurance premium (UFMIP) and 55
basis points for the annual premium.
-
Borrowers
with credit bureau scores must be
risk-classified by FHA’s TOTAL Mortgage
Scorecard.
-
Those
in risk categories without a premium
shown are not eligible for FHA-insured
mortgage financing.
-
Borrowers
without credit bureau scores will
need to be manually underwritten.
The mortgage insurance premium will
be determined by the loan-to-value
ratio for the non-traditional column
in the premium schedule.
|
