To clarify the amounts charged for FHA Mortgage Insurance Premiums, please see below. You can read the entire mortgagee letter at.... http://portal.hud.gov/pls/portal/docs/PAGE/FHA_HOME/LENDERS/MORTGAGEE_LETTERS/2008_MORTGAGEE_LETTERS/08-22%20MORATORIUM%20ON%20RISK-BASED%20PREMIUMS%20FOR%20FHA%20MORTGAGE%20INSURANCE.DOC
In summary:
Upfront Premiums: FHA will charge an upfront premium in an amount equal to the following percentages of the mortgage:
Purchase Money Mortgages and Full-Credit Qualifying Refinances = 1.75%
Streamline Refinances (all types) = 1.50%
Annual Premium: Loan Term is "over" 15 years -
Over 95% LTV = .55% per year
Less than 95% = .50% per year
Annual Premium: Term is 15 Years or less
90.01% or greater = .25% per year
90% LTV or less = No Annual Premium
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