Lock into the current FHA mortgage insurance by calling me and I can get an FHA case number for you
I must have your full FHA loan application for a refinance or a purchase-with property identified-before I can get an FHA case number.
All FHA case numbers obtained after May 31, 2013 will fall under the NEW insurance rates which require monthly mortgage insurance for the life of the loan (MMIP currently drops off after 5 years or 78% of the original value or appraisal, whichever the lower amount) if the Loan to Value (LTV) is above 90%.
For LTV's below 90%, monthly mortgage insurance will drop off after 11 years.
Here are the future Monthly Mortgage Insurance rates after June 4, 2013:
- 15-year loan terms with loan-to-value over 90% : 0.70 percent annual MIP
- 15-year loan terms with loan-to-value under 90% : 0.45 percent annual MIP
- 30-year loan terms with loan-to-value over 95% : 1.35 percent annual MIP
- 30-year loan terms with loan-to-value under 95% : 1.30 percent annual MIP
- Loans beginning at 90% LTV or less will pay annual MIP for 11 years.
- Loans beginning at 90% LTV or more will pay annual MIP for the complete loan term.
With the new FHA rules, Monthyly Mortgage Insurance Premium is forever.