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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.
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