Written by: Mark Madsen – Las Vegas Home Loans
In response to the new “HOPE for Home Owners Act” (HR 3221) that was recently passed by the House of Representatives, FHA announced new Mortgage Insurance Premiums starting October 1, 2008 through September 30th, 2009.
Up-front Mortgage Insurance Premiums:
- Purchase Money Mortgages and Refinances = 1.75%
- Streamline Refinances (all types) = 1.5%
- FHA Secure (Delinquent Mortgagors) = 3%
Monthly Mortgage Insurance Premiums:
- 30 yr mtg. - LTV > 95%, monthly will be @ .55%
- 30 yr mtg. - LTV < 95%, monthly will be @ .50%
- 15 yr mtg. - LTV > 90%, monthly will be @ .25%
- 15 yr mtg. - LTV < 90%, monthly will not be required.
- FHASecure – LTV > 95%, monthly will be @ .55%
- FHASecure – LTV < 95%, monthly will be @ .50%
