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 the Sr VP of Sales Development for Shelter Lending Services (formerly Fairfield Mortgage). James joined Shelter in 1994 and was the company's top Loan Officer in GA for 20 straight years helping over 2500 families finance their homes. James now oversees an incredible group of Loan Officers in Atlanta while further building Shelter's Atlanta business.

Leave a Comment