FHA’s New Mortgage Insurance Premiums
In response to the new “HOPE for Home Owners Act” (HR 3221) that was recently passed by the House of Representatives, FHA announced new Mortgage Insurance Premiums starting October 1, 2008 through September 30th, 2009.
Up-front Mortgage Insurance Premiums:
- Purchase Money Mortgages and Refinances = 1.75%
- Streamline Refinances (all types) = 1.5%
- FHA Secure (Delinquent Mortgagors) = 3%
Monthly Mortgage Insurance Premiums:
- 30 yr mtg. – LTV > 95%, monthly will be @ .55%
- 30 yr mtg. – LTV < 95%, monthly will be @ .50%
- 15 yr mtg. – LTV > 90%, monthly will be @ .25%
- 15 yr mtg. – LTV < 90%, monthly will not be required.
- FHASecure – LTV > 95%, monthly will be @ .55%
- FHASecure – LTV < 95%, monthly will be @ .50%
* This information was provided by Jeff Mifsud @ FHAGamePlan.com
About the Author
Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.