2013 New FHA Mortgage Insurance
On April 1st, 2013 the new FHA Mortgage Insurance changes went into effect. The Upfront MIP stays the same at 1.75% of the total loan amount, the annual MIP increased. The overall increase is .10 across the board in respect to Loan Term and Loan to Value.
| Loan Term |
LTV |
Upfront MIP Starting 04/01/2013 |
Annual New MIP Starting 04/01/2013 |
| <=15 Yrs |
<=90% |
1.75% |
0.45% |
| <=15 Yrs |
>90% |
1.75% |
0.70% |
| >15 Yrs |
<=95% |
1.75% |
1.30% |
| >15 Yrs |
>95% |
1.75% |
1.35% |
* For loans over $625,500 contact us for MI Premiums.
FHA is a great program for first time homebuyers to get into their homes with a low down-payment and take advantage of 6% seller’s concession. You can learn more about FHA mortgages and their advantages here.
Think an FHA loan might be the right mortgage for you? Give us a call at 518-782-1202 or contact us online for more information about the FHA mortgage program.
Interested in learning more about mortgages? Be sure to check out our resources for home buyers for more valuable insight from our team of mortgage professionals.