| All rights reserved. |
*New FHA Monthly MIP Effective April 18,
2011
FHA Monthly Mortgage Insurance Premium
(MIP)increases by 0.25 to 1.15 Point
UFMIP Will Remain at 1.00 Point
New Monthly Mortgage Insurance Premium (MIP)
An annual premium, shown below, paid monthly, will
charged based on the initial Loan to Value and length of
the mortgage according to the following schedule:
30 Year Loans MIP Fee
•Less than 95% Loan To Value 1.10%
•LTV >=95% Loan to Value 1.15%
15 Year Loans MIP Fee
•< 95% LTV 0.25%
•LTV >=95% 0.50%
FHA Upfront Mortgage Insurance Premiums (UFMIP)
UFMIP Fee is paid once and is typically financed by
adding it to the loan amount although it may also be paid
directly by the buyer or seller, therefore eliminating the
need to add it to the loan amount.
Current premiums:
•Purchase Money and Qualifying Refinances = 1.00
Percent.
•Streamline Refinances (all types) = 1.00 Percent.
2011
FHA Monthly Mortgage Insurance Premium
(MIP)increases by 0.25 to 1.15 Point
UFMIP Will Remain at 1.00 Point
New Monthly Mortgage Insurance Premium (MIP)
An annual premium, shown below, paid monthly, will
charged based on the initial Loan to Value and length of
the mortgage according to the following schedule:
30 Year Loans MIP Fee
•Less than 95% Loan To Value 1.10%
•LTV >=95% Loan to Value 1.15%
15 Year Loans MIP Fee
•< 95% LTV 0.25%
•LTV >=95% 0.50%
FHA Upfront Mortgage Insurance Premiums (UFMIP)
UFMIP Fee is paid once and is typically financed by
adding it to the loan amount although it may also be paid
directly by the buyer or seller, therefore eliminating the
need to add it to the loan amount.
Current premiums:
•Purchase Money and Qualifying Refinances = 1.00
Percent.
•Streamline Refinances (all types) = 1.00 Percent.
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
FHA MORTGAGE INSURANCE UPFRONT AND MONTHLY
| *This is for information purposes only. Values subject to sudden change. For current information, consult with your mortgage lender. This information provided as a courtesy of your local lender M Power Mortgage, Inc. For any tax questions please consult your accountant or tax preparer. A real estate agent or a mortgage loan officer cannot give you advise on such areas. |
FHA UFMIP Fee may be canceled
•The home must be owned for at least five years.
•And, the loan amount must be 78% or less of the original
purchase price.
FHA Upfront Mortgage Insurance (UFMIP) Fee is refundable.
conditions:
•Refinanced within three years.
•The new loan must be a FHA refinance.
UFMIP Tax Deductible!
The President has extended the Mortgage Insurance Tax
Deduction through 12/31/11!
NOTE: The FHA prohibits increasing a Streamline
Refinance's loan balance to cover associated loan
charges. The new loan balance is limited by the
math formula of (Current Principal Balance + Upfront
Mortgage Insurance Premium). All other costs --
origination charges, title charges, escrow population
-- must be either
- Paid by the borrower as cash at closing, or
- Credited by the loan officer in full. This is
called a "No-cost FHA Streamline".
| (909)921-4206 |
| refinance again and charge you no processing fees!! Savings are garanteed! Email us today! LowestRateLoans@yahoo.com |