Minnesota Mortgage Blog

Effective for all FHA case numbers assigned from today on, annual mortgage insurance premiums (MIP) will increase 25 basis points. Current FHA borrowers are unaffected.

FHA mortgage insurance varies by loan term, and by loan-to-value and, begins today April 18th 2011, the new insurance premiums are as follows:

• 15-year loan term, loan-to-value > 90% : 0.50% per year
• 15-year loan term, loan-to-value <= 90% : 0.25% per year
• 30-year loan term, loan-to-value > 95% : 1.15% per year
• 30-year loan term, loan-to-value <= 95% : 1.10% per year

To calculate your monthly mortgage insurance premium, multiply your starting loan size by your insurance premium, and divide by 12. 

There is no change planned to the 1 percent upfront mortgage insurance (UFMIP) premium charged by the FHA.