In order to avoid the mortgage insurance premium, borrowers should refinance their home loan before the June 1, 2009 endorsement date. The annual MIP for FHA loans is 0.55% of the loan amount. Note that the endorsement date is different from the closing date, so borrowers should check with the FHA for the correct endorsement date. For more information, you can visit the FHA website. Here’s what you need to know about UFMIP.
The monthly payment you make for your mortgage will include the UFMIP payment. In this scenario, the UFMIP payment would amount to $23/month. In addition, you would pay $8,189 in total over 30 years. Depending on your loan to value ratio and down payment, you may choose to finance the UFMIP. By doing so, you’ll save yourself from 1.75% of the monthly payments. But, there are a few things you should consider before you take the plunge.
To avoid the UFMIP, borrower should first determine the date of his or her FHA loan. The FHA case number should be assigned prior to July 15, 2008. If the loan was assigned before that date, it should be 1.5 percent. If you have an active loan, requesting a case number from your lender is not necessary. However, lenders need to ask for a social security number from the borrower if the loan is for new construction.
The amount of the UFMIP depends on the date of the FHA loan. If the loan was assigned before July 15, 2008, it should be 1.75 percent of the base loan amount. If it is assigned after that date, it must be refinanced to a conventional loan with 20 percent equity. But the benefits of an FHA policy are not the only ones. You should also consider other mortgage insurance fees and annual premiums before making a decision.
The UFMIP amount depends on the date of the FHA loan. For loans assigned before June 2013, the UFMIP amount is 1.5 percent of the base loan amount. For loans assigned after that date, the UFMIP will be 1.75% of the base loan amount. In either case, the amount will vary with the changes in the rate of the FHA. You can only request a case number if you have an active FHA loan. If the loan is for new construction, you must provide the Social Security number and name of the borrower.
The amount of the UFMIP depends on the date of the FHA loan. For loans assigned before July 15, 2008, the UFMIP should be at least 1.75% of the base loan amount. If the loan was assigned after that date, the UFMIP is 1.5 percent of the base loan amount. Nevertheless, it is important to note that the UFMIP is not the only mortgage insurance you need. For new construction loans, it is mandatory to provide the name and Social Security number of the borrower.
The amount of the UFMIP depends on the date of the FHA loan. For loans assigned before July 15, 2013, you can qualify for a prorated refund. The other two requirements are having 22 percent of equity in the property and making mortgage payments on time. If you are not eligible for the refund, your only option is to refinance your loan to a conventional loan. But if your case number is not available, you need to get a new loan.
While the UFMIP amount depends on the date of the FHA case number, it is approximately 1.75% of the base loan amount. For loans assigned before July 15, 2008, the UFMIP should be 1.5 percent of the total base loan amount. In addition to the case number, the FHA requires a name and Social security number from the borrower. The lender will need this information if you are applying for a new construction mortgage.
Another thing to consider is the UFMIP amount. UFMI is a one-time fee that is paid to the FHA. Compared to the monthly mortgage payment, it is a small percentage of the total loan amount. It is usually 0.45% to 1.05% of the loan amount. As with the down payment, the annual premiums are dependent on the length of the loan and the down payment you have on the property.