David Tapper



On February 14, 2011 FHA announced changes to the annual Mortgage Insurance Premiums on all FHA transactions. Effective with FHA case numbers ( you must be in contract to get a case number) assigned on or after April 18, 2011 the annual MI premiums will increase by 25 basis points (bps).  The following table is to demonstrate the changes

Loans > 15 Years

                            ˜ 95% – 85 bps to 110 bps

                             > 95% – 90 bps to 115 bpsL

Loans ˜ 15 years

     ˜ 90% – None to 25 bps

    >90% – 25 bps to 50 online casino bps

What does this mean? On a 30 year mortgage for $600,000, the FHA loans monthly premium will increase by approximately $125 which is roughly the equivalent of $20,000 in purchasing power.

A couple of things to consider…

There are no changes to the Up-Front Mortgage Insurance Premiums – it will remain at 1% and can be financed in to the loan

The change is effective with FHA case numbers assigned on or after April 18, 2011

15 year FHA loans with LTV”s below 90% remain at -0- annual MI

The change applies to refinance transactions also.

Thank you to Holly Brand and Wells Fargo for supplying this information.

Dave Tapper

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  1. Jay@Dallas Architects on January 8th, 2012 4:02 pm

    This is not very good. It just makes an already shaky housing market more nervous.

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