FHA MIP Factors (as of Apr 2012)

FHA mortgage insurance is better known as “MIP”, which stands for “Mortgage Insurance Premium.”  MIP is collected two ways, up-front and per month.  Effective April 1, 2012, FHA has increased the up-front MIP by .75% and the monthly MIP by .1%.  The monthly MIP is calculated by multiplying the factor times the loan amount and then dividing by 12.  As of April 1, 2012, the new FHA MIP factors are as follows:

Up-Front MIP for all loans =                                                1.75%

30 Year Monthly Factor with min 3.5% down =          1.25%

30 Year Monthly Factor with 5% or more down =     1.20%

15 Year Monthly Factor with min 3.5% down =           .60%

15 Year Monthly Factor with 5% or more down =      .35%

15 Year Monthly Factor with 22% or more down =     0%

May 21, 2012 by · Leave a Comment

About James

James A. Williamson is currently VP of Production and Senior Loan Officer for Shelter Mortgage (formerly Fairfield Mortgage). Since joining the company in 1994, James has been the company's top loan officer in Georgia each year helping over 2500 families finance their homes. Out of over 150 loan officers nationwide affiliated with Shelter's parent company, James has ranked #1 in volume each of the past five years.

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