Showing posts with label 2015 FHA MORTGAGE INSURANCE. Show all posts
Showing posts with label 2015 FHA MORTGAGE INSURANCE. Show all posts

New Kentucky FHA Mortgage insurance Chart for 2015 with Changes effective Jan 26, 2015

New FHA MIP Chart for Kentucky FHA loans for refinances and purchase loans effective January 26,2015





Loan Purpose
Up-Front MI Premium
Endorsement Date of Current 
FHA-insured Mortgage
Purchase, Rate/Term Non-Streamline Refinance, Cash Out Refinance
1.75%
N/A
Streamline Refinance
1.75%
Endorsed on or after 06/01/2009
Streamline Refinance
0.01%
Endorsed prior to 06/01/2009

For Loan Terms > 15 years
Loan Purpose
Base Loan Amount
LTV
Case Number Assigned on or After01/26/2015
Case Number Assigned6/03/2013–01/25/2015
Purchase, Rate/Term, Cash-Out, or Streamline Refinance Endorsed on or after 06/01/2009
<=$625,500
<=95%
.80
1.30
<=$625,500
>95%
.85
1.35
> $625,500
<=95%
1.00
1.50
> $625,500
>95%
1.05
1.50
FHA Streamline endorsed prior to 06/01/2009
All Loan Amounts
All LTVs
0.55

For Loan Terms <=15 Years
Loan Purpose
Base Loan Amount
LTV
Case Number Assigned 
on and after 6/03/2013
Purchase, Rate/Term, Cash-Out, or Streamline Refinance Endorsed on or after 06/01/2009
<=$625,500
<=90%
0.45
<=$625,500
>90%
0.70
> $625,500
<=90%
0.70
> $625,500
>90%
0.95
FHA Streamline endorsed prior to 06/01/2009








The length of time on which you'll pay mortgage insurance premiums on your FHA loan is as follows:
Mortgage Term
Loan to Value Ratio
Length of Mortgage Premium
15 years or shorter
Up to 90%
11 years
15 years or shorter
Greater than 90%
Full loan term
Greater than 15 years
Up to 90%
11 years
Greater than 15 years
Greater than 90%
Full loan term
Source: HUD.gov.



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NEW LOWER FHA MORTGAGE INSURANCE FOR KENTUCKY HOME BUYERS AND HOMEOWNERS WHO HAVE A FHA MORTGAGE JANUARY 2015




HUD Lowers FHA MIP FOR KENTUCKY FHA MORTGAGE BUYERS 
EFFECTIVE JANUARY 26, 2015




 
U.S. Dept HUD released Mortgagee Letter 15-01 today, which outlines plans to reduce the annual MIP (i.e., monthly MI payment) for certain section 203(b) Kentucky FHA-insured loans with Kentucky  FHA case numbers obtained on or after January 26, 2015.  KENTUCKY FHA MORTGAGE INSURANCE CHANGES 2015 Further details, effective date and action plan are outlined below:  
Effective Date
The reduced annual MIP (i.e., monthly MIP) premiums announced in this ML are effective for eligible Kentucky FHA loans (see below) with a case number issued on or after January 26, 2015.
Streamline Refinances for Kentucky FHA Mortgage Loans
The annual MIP (i.e., monthly MI) rate will remain the same for Streamline Refinances which are refinancing existing Kentucky FHA loans that were endorsed on or before May 31, 2009.  

Purchase and other Refinance transactions for Kentucky FHA Mortgage loans
For other affected loans with case numbers issued on or after January 26, 2015, the annual MIP rate (i.e., monthly MI) will be as follows:





NOTE:  15 YR PREMIUMS ARE REMAINING THE SAME.

 
Up Front MIP (UFMIP)
UFMIP for all FHA transactions remains unchanged at this time.

MI duration

The duration of MI for FHA loans is also unchanged, remaining effective for life of loan for most transactions.

As an example, on a Kentucky FHA loan with a $150k loan amount, the new reduced mortgage insurance premiums  will save the existing FHA Mortgage holder or new Kentucky FHA homebuyer potentially $65 a month, $780 year, and $23,400 over a 30 year term. As you can see, this is a huge savings with the new changes.





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