PRIVATE MORTGAGE INSURANCE (PMI) RATES
FHA up front PMI is 1.0% of the Loan Amount at 3.5% down
The monthly renewal rate is 0.9% (that is Loan Amount X 0.9% / 12 months)
FHA at 5.0 % down, the up front PMI is still the same, but the monthly renewal rate is 0.85% (that is the Loan Amount X 0.85% / 12 months)
April 18th or 19th another 0.25% will be added to these two PMI rates
becoming 1.15% with 3.5% down and 1.10% for a 5% down of the purchase price.
With FHA when will the PMI stop being charged (paid by Buyer)?Â FHA is slated to drop off at 78% of the LTV which typically is 7 to 8 years after the initial financing for it to come off.
loans monthly PMI
premiums all depend on the buyer's FICO (credit) scores and the amount
of their down payment, for example with a 95% LTV (Loan to Value) with a
FICO score of 720 the PMI would be 0.76% for 35% coverage and 0.67% for
30% coverage. The PMI typically will drop off at 80% of the LTV, but you have to request your Lender to evaluate for removal of the PMI monthly charges in your Escrow.
With a FICO score of 680 the PMI rate is 1.06% at 35% and 0.94% at 30% coverage.
USDA has a $2,500 funding fee upfront, so you always pay it like a VA