HUD Mortgagee Letter 2013-04, released January 31, 2013 details HUD’s new increase for FHA mortgage insurance.
Effective with FHA Case Numbers assigned on or after April 1, 2013 HUD is raising FHA’s annual Mortgage Insurance Premiums (MIP), again.
Below is the chart showcasing the current MIP and the New MIP in April.
| TERM > 15 YEARS | |||
|---|---|---|---|
| Base Loan Amt. | LTV | Previous MIP | New MIP |
| ≤ $625,500 | ≤ 95.00% | 120 bps | 130 bps |
| ≤ $625,500 | > 95.00% | 125 bps | 135 bps |
| TERM ≤ 15 YEARS | |||
|---|---|---|---|
| Base Loan Amt. | LTV | Previous MIP | New MIP |
| ≤ $625,500 | 78.01% - 90.00% | 35 bps | 45 bps |
| ≤ $625,500 | > 90.00% | 60 bps | 70 bps |
| ANY | ≤ 78.00% | 0 bps | 45 bps |
These changes apply to all FHA mortgages except for FHA Streamline Refinances that were endorsed by HUD prior to May 31, 2009. You can read more about that in my previous article published last year Ohio FHA Streamline Refinance Update
Ohio residents that want to act before FHA’s fees increase, fill out the Ohio FHA Interest Rate Quote form and we can discuss your options.
Leave a Reply