FHA Home Loan Mortgage Insurance Increases
Monthly Increase in FHA Mortgage Insurance
Miami Home Loan staff and Element Funding Loan Officer, Jim Carter, have confirmed, All FHA mortgage case numbers assigned on or after April 1, 2013 will have an increased monthly rate (MIP) from 1.25% of the loan amount to 1.35% on standard FHA loans.Â That means a 96.5% Loan to Value (LTV) on a 30 year fixed loan.Â The monthly MIP is based on LTV and whether or not the mortgage is considered a high balance mortgage.
Also the requirements of the duration of the monthly mortgage insurance will depend on the original Loan to Value (LTV).
â€¢Â If the original LTV > 90%, then the monthly MI (Mortgage Insurance) is required for the life of the loan.
â€¢Â If the original LTV <= 90%, then the monthly MI (Mortgage Insurance) is required for the first 11 years of the loan, and, then it is removed.
Miami Home loan staff is always a good source of information to keep you informed.Â To get pre-qualified, or, just ask a financing question, please call me, Jim Carter, Loan Officer at Element Funding, 305-525-6742!