FHA charges
two Mortgage
Insurance Premium (MIP) fees:
- The current up front
fee is 1.5% of the base
mortgage.
This fee is "used up" over the first
five years of the
mortgage
as described in
FHA
form
HUD 92900 B.
- A monthly fee for a 30
year mortgage
is equal to 1/2% of the
mortgage
balance per year.
The following charts
show upfront and annual
Mortgage
Insurance Premium rates for
FHA mortgages:
For mortgages with a term of 20
to 30 years
|
Upfront |
LTV Ratio |
Annual Premium |
Years |
|
1.50% |
89.99 and under |
.50% |
* |
|
1.50% |
90.00-95.00 |
.50% |
* |
|
1.50% |
95.01 and Over |
.50% |
* |
*Years will be determined when the
loan balance equals 78% of the initial
sale price or appraised value, which
ever is lower, provided the mortgagor
has paid the annual
mortgage
insurance premium for at least 5 years
(refer to
HUD 92900 B)
For mortgages with a term of 15
years or less
|
Upfront |
LTV Ratio |
Annual Premium |
Years |
|
1.50% |
89.99 and under |
None |
N/A |
|
1.50% |
90.00-95.00 |
.25% |
** |
|
1.50% |
95.01 and Over |
.25% |
** |
**Years will be determined when the
loan balance equals 78% of the initial
sale price or appraised value, which
ever is lower, provided the mortgagor
has paid the annual
mortgage insurance premium for at
least 5 years (refer to
HUD 92900 B)
|
