Hidden Falls Trabuco Canyon
I hiked there Saturday with my teenagers
FHA Mortgage Insurance Premium Changes 2012
Up
Front and Annual Mortgage Insurance Premium (UFMIP and annual MIP) Increases
for all FHA Loan transactions and Decreased for Certain Streamline
transactions.
Up
Front and Annual Mortgage Insurance Premium (UFMIP and annual MIP) Increases.
FHA
increased the upfront mortgage insurance premium (UFMIP) by .75 bps for all
purchase and refinance transactions with case numbers assigned on or after April
9, 2012. Increases apply regardless of the amortization term or LTV ratio.
FHA will continue to permit financing of this charge into the mortgage and will
continue to calculate actual premium charges against the base loan amount
before adding any financed UFMIP.
FHA
increased the annual mortgage insurance premium (MIP) by .10 bps for all
purchase and refinance transactions with case numbers assigned on or after April
9, 2012. If you are reading this today on June 11th, you will be
paying the higher premiums.
FHA Mortgage Insurance Premium Changes
2012
|
Mortgage Insurance Premiums
|
||||
|
Loans > 15 years
|
||||
|
Case
#’s prior to April 8, 2012 UFMIP=100bps
Case #’s on or after April 9, 2012 UFMIP = 175bps |
Annual Premium
|
|||
|
LTV
|
Case
#s Through April 17, 2011
|
Case
#s On/After
April 18, 2011 through April 8, 2012 |
Case
#s On/After
April 9, 2012 |
|
|
<=95.00
percent
|
85
bps
|
110
bps
|
120bps
|
|
|
>95.00
percent
|
90
bps
|
115
bps
|
125bps
|
|
|
Loans <= 15 years and above 78%
|
||||
|
Case
#’s prior to April 1, 2012 UFMIP=100bps
Case #’s on or after April 1, 2012 UFMIP = 175bps |
Annual Premium
|
|||
|
LTV
|
Case
#s Through April 17, 2011
|
Case
#s On/After April 18, 2011 through
April 8, 2012 |
Case
#s On/After
April 9, 2012 |
|
|
<=90.00
percent
|
None
|
25
bps
|
35bps
|
|
|
>90.00
percent
|
25
bps
|
50
bps
|
60bps
|
|
Note: SF forward mortgages
with amortization terms of 15 years or less, and a loan-to-value (LTV) ratio of
78 percent or less, remain exempt from the Annual MIP (see Mortgagee Letter
2011-35).
Increase
to Annual Mortgage Insurance Premium on Mortgages with a High Outstanding Base
Loan Amount
FHA
is also exercising its pre-existing statutory authority to add an additional 25
bps to mortgages with base loan amounts exceeding $625,500. This change is
effective for case numbers assigned on or after June 11, 2012.
Note:
Jumbo/High Balance guidelines will be updated at a later date to reflect the
June changes.
|
Term >15 Years
|
|||
|
Base
Loan Amount
|
LTV
|
Effective
|
Annual
MIP
|
|
<
$625,500
|
<
95%
|
June
11, 2012
|
120bps
|
|
<
$625,500
|
>
95%
|
June
11, 2012
|
125bps
|
|
Above
$625,000
|
<
95%
|
June
11, 2012
|
145bps
|
|
Above
$625,000
|
>
95%
|
June
11, 2012
|
150bps
|
|
Term <= Years with LTV above 78%
|
|||
|
<
$625,500
|
<
95%
|
June
11, 2012
|
35bps
|
|
<
$625,500
|
>
95%
|
June
11, 2012
|
60bps
|
|
Above
$625,000
|
<=90%
|
June
11, 2012
|
60bps
|
|
Above
$625,000
|
>90%
|
June
11, 2012
|
|
STREAMLINE
TRANSACTIONS:
Note:
Streamline guidelines will be updated at a later date to reflect the June
changes.
Decrease
to Annual Mortgage Insurance Premium on Certain Streamline Refinance
Transactions
For
all SF Forward Streamline Refinance transactions that are refinancing FHA loans
endorsed on or before May 31, 2009, the Annual MIP will be 55 bps, regardless
of the base loan amount. The endorsement date is on the Case Query screen in
FHA Connection. This change is effective for case numbers assigned on or after June
11, 2012.
Decrease
to Up-Front Mortgage Insurance Premium on Certain Streamline Refinance
Transactions
For
all SF Forward Streamline Refinance transactions that are refinancing existing
FHA loans that were endorsed on or before May 31, 2009, the UFMIP will decrease
from 1 percent to 0.01 percent of the base loan amount. This change is
effective for case numbers assigned on or after June 11, 2012. These charges
are substantial increases, note the $625,500. loan fees that apply to many areas of Orange County