Higher FHA Mortgage Insurance Premiums Effective April 18 PDF Print E-mail
Wednesday, 13 April 2011 18:56

Effective with FHA Case Numbers assigned on or after April 18th, FHA is increasing the Annual Mortgage Insurance Premium (MIP) by .25%. This means that if you have a new contract coming together and plan to use FHA financing, you need to make sure that the lender gets the FHA Case # ordered by this Friday, April 15th. The chart below shows the current and future MIP premiums as well as how much the monthly MIP will cost for a $200,000 base loan amount.

Current FHA MIP Factors
30 Year Fixed with min 3.5% down        = .90 $150
30 Year Fixed with 5% or more down     = .85 $142
15 Year Fixed with min 3.5% down        = .25 $42
15 Year Fixed with 5% or more down     = .00 $0

New FHA MIP Factors (as of Apr 18th)
30 Year Fixed with min 3.5% down        = 1.15 $192 (increase of $42/mo)
30 Year Fixed with 5% or more down     = 1.10 $183 (increase of $41/mo)
15 Year Fixed with min 3.5% down        = .50 $83   (increase of $41/mo)
15 Year Fixed with 5% or more down     = .25 $42   (increase of $42/mo)

There are no changes to the Up-front Mortgage Insurance Premium, which remains at 1%.

Rate Update

Conforming

Non-Conforming

FHA

VA

Loan Amount

< $417,000

> $417,000

< $346,250

> $417,000

30 Year Fixed

5.000%

5.750%

4.875%

4.875%

15 Year Fixed

4.375%

5.125%

4.500%

4.500%

10 Year ARM

4.625%

4.875%

7 Year ARM

4.125%

4.750%

5 Year ARM

3.625%

4.125%

3.625%
The above rates are for purchase loans for a primary residence and are intended to give you an overall idea of how rates are changing from week to week. Other factors such as credit score, down payment, and number of days the rate is locked all contribute to the exact rate, which is subject to change at any time and without notification. The Conforming rates above apply to purchase loan sizes $150,000 - $417,000 and carry zero discount points. Rates for lower loan amounts are slightly higher. Lower rates are also available for all programs with discount points.  Qualification is subject to credit and property approval and other restrictions may apply.

Information provided courtesy of:

Nancy L. Grieve

770-309-3745

Nancy.Grieve@fairfieldmortgage.com
 
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