Updated almost 3 years ago on . Most recent reply
MIP or Mortgage Insurance Premium included with FHA and 203k Loan
Im making this post to see if I can obtain more detail from all my BP experts on MIP when financing with a FHA loan. Ive read up on it a little and it seems FHA and 203k loans require this premium that requires you to pay more at closing, while also adding more to your monthly mortgage. If anyone has any insight on how much this adds to your monthly/ how much extra I need up front that would be a great help !
Most Popular Reply
@Colby Zeller FHA has standard table to calculate MIP on Loan to value and type of amortization. The FHA MIP chart is available online.
FHA Loans Greater Than 15 Years
| Base Loan Amt. | LTV | Annual MIP |
|---|---|---|
| ≤$625,500 | ≤95.00% | 80 bps (0.80%) |
| ≤$625,500 | >95.00% | 85 bps (0.85%) |
| >$625,500 | ≤95.00% | 100 bps (1.00%) |
| >$625,500 | >95.00% | 105 bps (1.05%) |
FHA Loans Less Than or Equal to 15 Years
| Base Loan Amt. | LTV | Annual MIP |
|---|---|---|
| ≤$625,500 | ≤90.00% | 45 bps (0.45%) |
| ≤$625,500 | >90.00% | 70 bps (0.70%) |
| >$625,500 | ≤78.00% | 45 bps (0.45%) |
| >$625,500 | 78.01% – 90.00% | 70 bps (0.70%) |
| >$625,500 | >90.00% | 95 bps (0.95%) |