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FHA Week - Article 1 - Massive Changes to Upfront and Annual Mortgage Insurance Premiums |
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Written by Chris Richter
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Monday, 07 July 2008 08:00 |
Effective with new FHA case number assignments on or after July 14, 2008, FHA will implement risk-based premiums
on one- to four-unit single family mortgages.
These changes alter the standard 1.5% / 150 basis point upfront premium and .5% / 50 basis point premium charged to all borrowers under previous FHA loans.
FHA Single Family Mortgage Insurance
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Upfront and Annual Mortgage Insurance Premiums
(Loan Terms > 15 years)
Effective as of July 14, 2008
All premiums are specified in basis points (0.01%)
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Decision Credit Score(FICO) |
LTV |
850-680
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679-640
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639-600
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599-560
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559-500
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499-300
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NON-TRADITIONAL |
≤ 90.00
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125/50
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125/50
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125/50
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150/50
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175/50
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175/50
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150/50
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90.01-95.00
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125/50
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125/50
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150/50
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175/50
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200/50
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n/a
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175/50
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> 95
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125/55
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150/55
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175/55
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200/55
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225a/55
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n/a
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200/55
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A first-time homebuyer, with HUD-approved counseling, will pay only 200 basis points for the upfront mortgage insurance premiums. |
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