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New 30-year debt: FHA to collect MIPs for life of mortgage

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Upfront mortgage insurance premium (MIP) is required for most of the FHA’s Single family mortgage insurance programs. Lenders must remit upfront MIP within 10 calendar days of the mortgage closing or disbursement date, whichever is later.

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Mortgage insurance premiums (MIPs) pay for insurance to protect mortgage lenders against the risk that borrowers won’t pay them back. MIPs add to a borrower’s costs, but they allow you buy a house with a lower down payment than the usual 20%. There are different kinds of mortgage insurance.

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Decrease to Annual MIP on certain Kentucky Streamline FHA Refinances SF forward streamline refinance transactions that are refinancing FHA loans endorsed on or before May 31, 2009, the Annual MIP will be 55 bps, regardless of the base loan amount and takes effect on or after June 11th, 2012.

This is set to go in effect on new FHA insured mortgages sometime in 2013. From HUD’s report: Under a policy change made in 2001, FHA has been cancelling required mortgage insurance premiums (MIPs) on loans for which the outstanding principal balance reaches less than 78% of the original principal balance.

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