Kentucky FHA PMI Changes for 2013

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Kentucky FHA PMI Rates Changes 2013

Effective April 1, 2013 these are the new Kentucky FHA PMI Rates. There are two kinds of Kentucky FHA PMI Insurance.  To calculate your FHA PMI Premium for a Kentucky FHA loan – take your Loan Amount and multiply it by the UFPMI rate (which will likely be 1.75%).  Add that PMI Dollar Figure to your loan amount.  That’s what your principal and Insurance is going to be based upon.

Then that that TOTAL Loan Amount (including your Upfront PMI) and multiply that by the Annual FHA PMI Rate.  Divide that number by 12.  You will have THAT amount added to your Principal and Interest Payment with loans that have case numbers pulled after the end of March 2013.

Additionally, you will note that the new effective annual FHA PMI rates for loans with an LTV of less than or equal to 78 percent and with terms of up to 15 years have gone from ZERO to .45%. The new annual FHA PMI changes ONLY for these loans is effective for case numbers assigned on or after June 3, 2013.   

Term > 15 Years

Base Loan Amount

LTV

Effective Annual PMI UFPMI
≤$625,500 ≤ 95.00% April 1, 2013 1.30 % 1.75%
≤$625,500 > 95.00% April 1, 2013 1.35 % 1.75%
Above $625,500 ≤95.00% April 1, 2013 1.50% 1.75%
Above $625,500 > 95.00% April 1, 2013 1.55% 1.75%
NOTE! Guideline Change. NO MATTER What the LTV is, there is a FHA PMI fee

Term > 15 Years

Base Loan Amount

LTV

Effective Annual PMI UFPMI
≤$625,500 ≤ 90.00% April 1, 2013

.45%

1.75%
≤$625,500 > 90.00% April 1, 2013

.70%

1.75%
Above $625,500 ≤ 90.00% April 1, 2013

.70%

1.75%
Above $625,500 > 90.00% April 1, 2013

.90%

1.75%
Exception: New Streamline Refinances previously endorsed on or before May 31,2009
Base Loan Amount

LTV

Effective Annual PMI UFPMI
Any Amount

Any

June 11, 2012

.55%

.01%

Note that FHA has also issued guidance regarding how long FHA PMI will be on the loan. Effective June 3, 2013 the following will be in effect:

Previous and New FHA Annual PMI Duration

Term

LTV

Effective Previous New
≤ 15 yrs ≤ 78 April 1, 2013 No annual MIP 11 years
≤ 15 yrs > 78 – 90.00 April 1, 2013 Cancelled at 78% LTV 11 years
≤ 15 yrs > 90.00 April 1, 2013 Cancelled at 78% LTV Loan term
> 15 yrs ≤ 78 April 1, 2013 5 years 11 years
> 15 yrs > 78 – 90.00 April 1, 2013

Cancelled at 78% LTV & 5 yrs

11 years
> 15 yrs > 90.00% April 1, 2013

Cancelled at 78% LTV & 5 yrs

Loan Term
action
Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.comKey Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*

Click here for your Free FHA Mortgage loan approval in Kentucky

Click here for your Free FHA Mortgage loan approval in Kentucky

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As a life-long Kentucky resident, I have helped over 589 families buy or refinance their home over the last 13 years. You can trust me for your next mortgage loan. I deliver on what I say and I will give you honest, up-front personal attention you deserve for your home loan. I have several advantages over the big- mega banks in town. First, I can shop your loan thru different mortgage companies across the country to get you the best deal out there, whereas most banks will offer offer you there one and only deal. I have access to over 15 different mortgage companies to broker your loan thru. My rates and fees are just as good or better than local banks and you will not get lost in the shuffle like most borrowers do at the mega banks; your just not a number at our company, you are a person and we will treat you like one throughout the entire process. Free pre-approvals within 2 hours and get your loan closed within 15 days. Give us a try or let us compare what you have now. Call me locally at 502-905-3708; this is my personal cell phone and I carry it on me at all times. Free credit reports and approvals. Stop by and see my at 107 South Hurstbourne Pky Louisville Ky 40222- or email me at kentuckyloan@gmail.com nmls# 57916

Posted on February 14, 2013, in 2013 FHA guidelines updated, FHA, fha mortgage insurance premiums, Mortgage Insurance Changes 3/2012, Mortgage Insurance UFMIP and tagged , , , , , , , , , , , . Bookmark the permalink. 5 Comments.

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