Sunday, January 19, 2014

2014 Kentucky FHA Loans Mortgage Insurance Premiums


 
2014 Kentucky FHA Annual Mortgage Insurance Most Recent Chart available.  This is effective for case numbers assigned on or after April 1, 2013
 
Term > 15 Years
Base Loan Amt.              LTV                  MIP
≤ $625,500               ≤ 95.00%                130 bps
≤ $625,500               > 95.00%                135 bps
> $625,500               ≤ 95.00%                150 bps
> $625,500               > 95.00%                155 bps
 
Term ≤ 15 Years
≤ $625,500         78.01% - 90.00%           45 bps
≤ $625,500               > 90.00%                 70 bps
> $625,500         78.01% - 90.00%           70 bps
> $625,500               > 90.00%                 95 bps
 
Term ≤ 15 Years
 Any Loan Amount    78%                    45bps  (for case numbers assigned after June 3, 2013)
 
  • For all mortgage regardless of their amortization terms, any mortgage involving an original principal obligation (excluding financed Up-Front MIP (UFMIP)) less than or equal to 90 percent LTV, the annual MIP will be assessed until the end of the mortgage term or for the first 11 years of the mortgage term, whichever occurs first.
  • For any mortgage involving an original principal obligation (excluding financed UFMIP) with an LTV greater than 90 percent, FHA will assess the annual MIP until the end of the mortgage term or for the first 30 years of the term, whichever occurs first

The following changes are effective for all FHA case numbers assigned on or after June 3, 2013:
 
KY FHA is changing the duration for the collection of MIP
 
 
o For all mortgages with an original principal LTV of 90% or less, regardless of loan term, the annual MIP will be assessed for 11 years.

o For all mortgages with an original principal LTV greater than 90%, regardless of loan term, the annual MIP will be assessed for the entire life of the loan.

MIP= Monthly Mortgage Insurance Premium

 
Kentucky FHA Streamlines Prior to June 2009
 
 

FHA Streamlines with case numbers dated June 11, 2012 or later will have new MIP rules applied. If the loan being refinanced was endorsed on or before May 31, 2009, the new Streamline will receive a flat annual MIP of 55 basis points, regardless of loan amount, and the UFMIP ratio will decrease to 0.01% of the base loan amount.



The Upfront MIP (UFMIP) will be 1.75% regardless of the loan term, amount or LTV (Except for the Streamline exception listed below).
Joel Lobb
Senior  Loan Officer
(NMLS#57916)

American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223

 phone: (502) 905-3708
 Fax:     (502) 327-9119

 Company ID #1364 | MB73346

http://mylouisvillekentuckymortgage.com