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Purchase Data Sheet

To see the Impact of the new (Starting 4/1/2013) FHA Mortgage Insurance Premium (MIP) Rate and Duration Changes, fill in the form below and click the Calculate button.

Purchase Information:  
Purchase Price $  
Down Payment %      %
Annual Interest Rate      %
Term (years)       years

 

HUD Announces Two Changes to Mortgage Insurance for 2013

The following changes to FHA Mortgage Insurance Premiums will take effect with the respective case number assignment dates, April 1st, 2013 and June 3rd, 2013. These changes are big and may affect borrowers ability to qualify for FHA financing.  These changes include:

FHA MIp Policy Change starting April 1, 2013
Effective with FHA case numbers assigned on or after April 1, 2013 FHA Mortgage Insurance Premiums will increase (see Table below).

The increases in the annual MIP specified in this ML apply to all mortgages insured under FHAs Single Family Mortgage Insurance Programs except:

  • Streamline refinance transactions of existing FHA loans that were endorsed on or before May 31, 2009 (see ML 2012-04)


  • For all SF Forward Streamline Refinance transactions that are refinancing FHA loans endorsed on or before May 31, 2009, the Annual MIP will be .55% (55 bps), regardless of the base loan amount and the UFMIP will be decreased to (1 bps) 0.01% of the base loan amount.
     
  • Title I

  • (Home Improvement Loans):
    HUD "Title I" insures private lenders against loss on property improvement loans they make. HUD does not lend money for property improvements. Title I can be used in connection with a 203k Rehabilitation Mortgage. For additional information on HUD "Title I", please visit HUD website at  http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/title/ti_abou
     
  • Home Equity Conversion Mortgages (HECM or Reverse Mortgage)


  • Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage or HECM, and is only available through an FHA approved lender.
     
  • Section 247 (Hawaiian Homelands)


  • FHA's mortgage insurance provides opportunities to low- and moderate-income Native Hawaiians to purchase a home on Hawaiian home lands. FHA insures loans made to native Hawaiians to purchase one- to four-family dwellings located on Hawaiian home lands.
     
  • Section 248 (Indian Reservations)
    A family who purchases a home under this program can apply for financing through a FHA approved lending institution such as a bank, savings and loan, or a mortgage company. To quality, the borrower must meet standard FHA credit qualifications. An eligible borrower can receive approximately 97% financing . An eligible party can produce a gift for the down payment. Closing cost can be financed; covered by a gift, grant, or secondary financing; or paid by the seller without reduction in value.

FHA case numbers assigned on or after April 1, 2013 mean BIG changes for borrowers and may affect their ability to qualify for FHA financing.  These changes include in Table 1 as follow:

   

Current MIP Rate and Durations Up to

New Rules effective with Case Numbers
Item Changing Current Rules Up to 3/31/2013 Up to 6/2/2013 starting  4/1/2013 starting  6/3/2013
  Base Loan Amount < $625,500 MIP Rate MIP Duration MIP Rate MIP Duration
> 15yr Term

Annual MIP
(paid Monthly with Mortgage Payment)

MIP Duration

down payment < 5.00%

1.25% Cancelled at 78% LTV & 5 Years

1.35%

Loan Term
5.00% < down payment < 10.00% 1.20%

Cancelled at 78% LTV & 5 Years

1.30%

Loan Term

 10.00% < down payment < 22%

1.20%

Cancelled at 78% LTV & 5 Years

1.30%

11 Years

down payment >22.00%

1.20%

5 Years

1.30% 11 Years
 
< 15yr Term

Annual MIP
(paid Monthly with Mortgage Payment)

MIP Duration

down payment < 10.00% 0.60% Cancelled at 78% LTV

0.70%

Loan Term

10.00% < down payment < 22%

0.35% Cancelled at 78% LTV

0.45%

11 Years
down payment > 22.00% 0.00% No Annual MIP

0.45%

11 Years

FHA MIp Policy Change starting June 3, 2013
Effective with FHA case numbers assigned on or after June 3, 2013 FHA Mortgage Insurance Duration will change (see Table 1). 

The changes to the duration of the annual MIP as specified in this ML are effective for all Single Family FHA programs for which FHA charges an annual MIP except:

  • Title I

  • (Home Improvement Loans):
    HUD "Title I" insures private lenders against loss on property improvement loans they make. HUD does not lend money for property improvements. Title I can be used in connection with a 203k Rehabilitation Mortgage.
     
  • Home Equity Conversion Mortgages (HECM or Reverse Mortgage)

  • Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage or HECM, and is only available through an FHA approved lender.

For detail explanation and calculation of these new changes, visit http://www.TexasFiveStarRealty.com/FHA_Changes_2013_04.asp

Equal Housing Opportunity Commission Bahman Davani REALTOR

Bahman Davani, CM
Broker/REALTOR
ABR, GRI, CDPE, SFR,
TAHS, eAgentC, and
CCIM Candidate

Office: (214) 457-7055
Cell: (214) 457-7055
Fax: (972) 596-7984

P.O. Box 261665
Plano, TX 75026-1665

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Texas Five Star Realty
P.O. Box 261665
Plano
, TX 75026 US
Phone: 214-457-7055
Website: www.texasfivestarrealty.com/

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