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FHA Mortgage Insurance Premiums Effective October 1, 2008

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

  • FHASecure:
     

LTV

Annual (all loan terms)

< 95

50

> 95

55

Additional FHA information
Mortgage Insurance Premiums Prior to July 14, 2008

Search FHA Maximum County Mortgage Limits by State

Current FHA Mortgage Rates
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