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Louisville Kentucky Mortgage Lender

Louisville Kentucky Mortgage Lender

By Joel Lobb | Mortgage Broker
or Lender in Louisville, KY

Kentucky FHA Mortgage Insurance and PMI Changes for 2013

Kentucky FHA PMI Rates Changes 2013

Effective April 1, 2013 these are the new Kentucky FHA PMI Rates. There are two kinds of Kentucky FHA PMI Insurance.  To calculate your FHA PMI Premium for a Kentucky FHA loan – take your Loan Amount and multiply it by the UFPMI rate (which will likely be 1.75%).  Add that PMI Dollar Figure to your loan amount.  That’s what your principal and Insurance is going to be based upon.

Then that that TOTAL Loan Amount (including your Upfront PMI) and multiply that by the Annual FHA PMI Rate.  Divide that number by 12.  You will have THAT amount added to your Principal and Interest Payment with loans that have case numbers pulled after the end of March 2013.

Additionally, you will note that the new effective annual FHA PMI rates for loans with an LTV of less than or equal to 78 percent and with terms of up to 15 years have gone from ZERO to .45%. The new annual FHA PMI changes ONLY for these loans is effective for case numbers assigned on or after June 3, 2013.   

 

Term > 15 Years

Base Loan Amount

LTV

EffectiveAnnual PMIUFPMI
≤$625,500≤ 95.00%April 1, 20131.30 %1.75%
≤$625,500> 95.00%April 1, 20131.35 %1.75%
Above $625,500≤95.00%April 1, 20131.50%1.75%
Above $625,500> 95.00%April 1, 20131.55%1.75%
NOTE! Guideline Change. NO MATTER What the LTV is, there is a FHA PMI fee

Term > 15 Years

Base Loan Amount

LTV

EffectiveAnnual PMIUFPMI
≤$625,500≤ 90.00%April 1, 2013

.45%

1.75%
≤$625,500> 90.00%April 1, 2013

.70%

1.75%
Above $625,500≤ 90.00%April 1, 2013

.70%

1.75%
Above $625,500> 90.00%April 1, 2013

.90%

1.75%
Exception: New Streamline Refinances previously endorsed on or before May 31,2009
Base Loan Amount

LTV

EffectiveAnnual PMIUFPMI
Any Amount

Any

June 11, 2012

.55%

.01%

Note that FHA has also issued guidance regarding how long FHA PMI will be on the loan. Effective June 3, 2013 the following will be in effect:

Previous and New FHA Annual PMI Duration

Term

LTV

EffectivePreviousNew
≤ 15 yrs≤ 78April 1, 2013No annual MIP11 years
≤ 15 yrs> 78 – 90.00April 1, 2013Cancelled at 78% LTV11 years
≤ 15 yrs> 90.00April 1, 2013Cancelled at 78% LTVLoan term
> 15 yrs≤ 78April 1, 20135 years11 years
> 15 yrs> 78 – 90.00April 1, 2013

Cancelled at 78% LTV & 5 yrs

11 years
> 15 yrs> 90.00%April 1, 2013

Cancelled at 78% LTV & 5 yrs

Loan Term

action










Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell

http://mylouisvillekentuckymortgage.com


Click here for your Free FHA Mortgage loan approval in Kentucky

Comments

By Joel Lobb,  Thu Feb 14 2013, 13:54
Kentucky FHA PMI Rates Changes 2013

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