APRIL 2012 – UPDATED FHA MORTGAGE INSURANCE GUIDELINES.

FHA RAISES MORTGAGE INSURANCE  /  LOWERS MORTGAGE INSURANCE ON FHA STREAMLINES.

March 19th, 2012

FHA is increasing their mortgage insurance premiums significantly on case numbers taken out after April 9th,, 2012.  If you are looking to do an FHA loan, your best bet is to start it soon or at least get your case number pulled before April 9th.

 Below are the changes for new non FHA streamline loans with case numbers pulled after April 9th:

 30 YEAR FIXED FHA LOAN – or loans terms over 15 years

95% LTV and below:         1.75% upfront MI                 120 bps Annual MI

Over 95% LTV:                   1.75% upfront MI                 130 bps Annual MI

15 YEAR FIXED FHA LOAN – or loan terms less than 15 years

 78-90% LTV:                      1.75% upfront MI                 35 bps Annual MI

Over 95% LTV:                    1.75% upfront MI                 60 bps Annual MI

 These changes will increase the average FHA loan over $8 per $100,000, and the upfront fees $500 per $100,000.

FHA STREAMLINE MORTGAGE INSURANCE CHANGES:

FHA has also announced a dramatic lowering of the mortgage insurance premiums for FHA STREAMLINE LOANS.  An FHA streamline loan is a current FHA customer refinancing their loan to another FHA loan with the same term.  Because FHA raised their Mortgage insurance premiums in April of 2010, many customers could not streamline their loans as there was not enough benefit. 

These new Mortgage insurance premiums will only be in effect for borrowers who had their FHA case number pulled before June 1st of 2009. 

 ALL FHA STREAMLINES LOANS – original case number pulled before June of 2009

 UPFRONT MI                      .01%

ANNUAL MI:                       55 bps

This is a huge change and will dramatically help customers in existing FHA loans lower their rate and payment. 

These changes will better the existing FHA MI factors by over $45 per $100,000, and upfront fees by $990 per $100,000.

FHA MORTGAGE INSURANCE CHANGES FOR LOANS OVER $625,500. 

Lastly, FHA is changing its mortgage insurance premiums for FHA jumbo loans over $625,500.  These changes will take effect for case numbers assigned on or after June 11th, 2012. 

30 YEAR FIXED FHA LOANS OVER $625,500 – or loans terms over 15 years

95% LTV and below:         1.75% upfront MI                 145 bps Annual MI

Over 95% LTV:                    1.75% upfront MI                 150 bps Annual MI

15 YEAR FIXED FHA LOANS OVER $625,500 – or loan terms less than 15 years

78-90% LTV:                        1.75% upfront MI                 60 bps Annual MI

Over 95% LTV:                    1.75% upfront MI                  85 bps Annual MI

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FHA MORTGAGE INSURANCE CHANGES.

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