Kentucky FHA PMI Changes for 2013
Louisville Kentucky FHA Mortgage Insurance Changes
Kentucky FHA PMI Rates Changes 2013
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 |
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*
Related Articles
- FHA Changes for Mortgage Loans in Kentucky for 2013 (kentuckyfirsttimehomebuyer.com)
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- 2013 Kentucky FHA Mortgage Changes to Mortgage Insurance (louisvillemortgageguide.com)
- Kentucky FHA Mortgage Guidelines for 2013 (mylouisvillekentuckymortgage.com)
- Kentucky FHA Mortgage Changes for 2013 (trulia.com)
- Fha Changes Are Coming! (montclairmaha.wordpress.com)
- Louisville Kentucky Mortgage Rates (kentuckyvaloan.com)
- Down Payment and Closing Costs Assistance (kentuckyvaloan.com)
- 2013 Kentucky FHA Mortgage Changes to Mortgage Insurance (louisvillekymortgage.net)
- FHA mortgage premium to rise on April 1 (sfgate.com)
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 Federal Housing Administration, fha, FHA loan, Insurance, Kentucky, Loan, LTV, Mortgage insurance, Mortgage loan, pmi insurance, pmi rate, Real estate. Bookmark the permalink. 5 Comments.











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