Kentucky FHA MIP Rate Changes
Effective for Kentucky FHA loans with a disbursement date on or after January 27, 2017, HUD is lowering the monthly MIP rates almost across the board. The only MIP remaining the same is that of Streamline & Simple Refinances with terms > 15 years who were eligible for lower MIP as part of the HARP program. Please refer to the below chart for a comparison of the current and upcoming MIP rates.
This is a 25% reduction so it is pretty big deal for lowering your mortgage payments if you go FHA.
For example on a $150,000 loan amount, this would reduce your payment by $31 a month if you had a FHA loan with with 3.5% down payment with a qualfying credit score.
Remember, FHA does not base their premiums on credit scores, meaning everyone get's the same deal on mi even if you have a 600 credit score, or a 750 credit score.
So if you have a lower fico score, you may want to look at doing a FHA loan after January.
Loan Term > 15 Years
Base Loan Amount*
|
LTV
|
Current MIP
|
New MIP
|
≤ $625,500
|
≤ 95.00%
|
80 bps
|
55 bps
|
≤ $625,500
|
> 95.00%
|
85 bps
|
60 bps
|
> $625,500
|
≤ 95.00%
|
100 bps
|
55 bps
|
> $625,500
|
> 95.00%
|
105 bps
|
60 bps
|
Loan Term ≤ 15 Years
Base Loan Amount*
|
LTV
|
Current MIP
|
New MIP
|
≤ $625,500
|
≤ 90.00%
|
45 bps
|
25 bps
|
≤ $625,500
|
> 90.00%
|
70 bps
|
50 bps
|
> $625,500
|
≤ 78.00%
|
45 bps
|
25 bps
|
> $625,500
|
78.01 - 90.00
|
70 bps
|
25 bps
|
> $625,500
|
> 90.00%
|
95 bps
|
50 bps
|
*NOTE: Base Loan Amount is as reported by FHA Mortgagee Letter. This amount may be subject to change to match the new FHA 1-Unit high balance limit of $636,150.
Streamline/Simple Refinances with previous mortgage endorsed prior to June 1, 2009
Term > 15 Years
Base Loan Amount
|
LTV
|
Current MIP
|
New MIP
|
All Loan Amounts
|
All LTVs
|
55 bps
|
55 bps
|
Term ≤ 15 Years
Base Loan Amount
|
LTV
|
Current MIP
|
New MIP
|
All Loan Amounts
|
All LTVs
|
55 bps
|
25 bps
|
|
