Apr 5, 2011
All fixed rate loans with case numbers assigned on or after April 18, will see an increase of .25% across the board, which adds about $30 to a borrower's payment each month. Current FHA loan customers are unaffected by these changes.
Depending on the term and LTV (loan-to-value ratio) of the loan, the new insurance premiums will be:
15-year fixed, LTV more than 90% = 0.50% per year
15-year fixed, LTV less than or equal to 90% = 0.25% per year
30-year fixed, LTV more than 95% = 1.15% per year
30-year fixed, LTV less than or equal to 95% = 1.10% per year
The upfront mortgage insurance premium will stay unchanged at 1% of the loan amount. Guidelines for FHA loans change often because of market conditions. This is the third price change to the MIP in the past year. [where: 75230]