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April 4, 2013 By REALPRO Innovations, Inc.

FHA Monthly MI increases on April 1, 2013

The FHA Annual Mortgage Insurance increased on April 1, 2013. This applies to the Annual MI, not the UFMIP (Upfront Mortgage Insurance Premium) typically financed into the loan.

I have included a chart with the old MI and the new MI

Loan Term Greater Than 15 Years

Base Loan Amount LTV Old MI New MI
<$625,500 <95.00% 120 bps 130 bps
<$625,500 >95.00% 125 bps 135 bps
>$625,500 <95.00% 145 bps 150 bps
>$625,500 >95.00% 150 bps 155 bps

Loan Term 15 Years or Less

Base Loan Amount LTV Old MI New MI
<$625,500 78-01% – 90.00% 35 bps 45 bps
<$625,500 >90.00% 60 bps 70 bps
>$625,500 78-01% – 90.00% 60 bps 70 bps
>$625,500 >90.00% 85 bps 95 bps

Filed Under: FHA, FHA News, Financing, Update

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