FHA Mortgage Insurance Premiums

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