Since FHA Loans do not have 20% equity, a mortgage insurance premium must be paid up front, 1.75% which is financed into the loan and a monthly mi based on LTV, and loan product. Here are the last revisions to the monthly MI requirements.
The following table shows the current upfront and annual (MIP) for FHA endorsed mortgages.
| Upfront an Annual Mortgage Insurance Premium (MIP) | ||||
| Effective for all loans except Streamline Refinance and Simple Refinance Mortages used to refinance a previous FHA endorsed Mortgage on or before May 31, 2009 | ||||
| Term of More Than 15 Years | ||||
| Base Loan Amount | LTV | UFMIP | Annual | Duration |
| Less than or equal to $625,500 | ≤ 90.00% | 1.75% | 0.80% | Mortgage term |
| > 90.00% to ≤ 95.00% | 1.75% | 0.85% | Mortgage term | |
| > 95.00% | 1.75% | 1.05% | Mortgage term | |
| Greater than $625,500 | ≤ 90.00% | 1.75% | 1.00% | Mortgage term |
| > 90.00% to ≤ 95.00% | 1.75% | 1.0% | Mortgage term | |
| > 95.00% | 1.75% | 1.05% | Mortgage term | |
| Term of Less than or Equal to 15 Years | ||||
| Base Loan Amount | LTV | UFMIP | Annual | Duration |
| Less than or equal to $625,500 | ≤ 90.00% | 1.75% | 0.45% | Mortgage term |
| > 90.00% | 1.75% | 0.70% | Mortgage term | |
| Any Loan Amount | ≤ 78.00% | 1.75% | 0.45% | Mortgage term |
| Streamline Refinance and Simple Refinance | ||||
| For refinance of previous Mortgage endorsed on or before May 31, 2009 | ||||
| All Morgage Terms | ||||
| Base Loan Amount | LTV | UFMIP | Annual | Duration |
| All | ≤ 90.00% | 0.01% | 0.55% | Mortgage term |
| > 90.00% | 0.01% | 0.55% | Mortgage term | |
| For Streamlines, the value from the previous FHA loan is issue to calculate the LTV. | ||||