FHA Insured Mortgages
These items apply to both purchase and refinance loans.
| |
Upfront Funding Fee | 1.75% |
Monthly Premium - 30yr | |
>95% Loan-to-Value | 0.85% of average yearly balance / 12 |
<=95% Loan-to-Value | 0.80% of average yearly balance / 12 |
Monthly Premium - 15yr | |
>90% Loan-to-Value | 0.70% of average yearly balance / 12 |
<=90% Loan-to-Value | 0.45% of average yearly balance / 12 |
Automatic Cancelation | If you started at <=90% Loan-to-Value the monthly MI cancels after 11 years. Otherwise it stays on there for the life of the loan. |
VA Guaranteed Mortgages
Below are tables for VA upfront funding fees. There is no monthly insurance premium for VA guaranteed loans. Also, some veterans who are on disability may qualify for a waived funding fee.
Purchase
Downpayment |
1st Time Use |
Subsequent Use |
$0 to 4.99% |
2.15% |
3.30% |
5% to 9.99% |
1.50% |
1.50% |
10% or More |
1.25% |
1.25% |
Cash Out Refinance
|
1st Time Use |
Subsequent Use |
|
2.30% |
3.60% |
Interest Rate Reduction Refinance (IRRRL)
|
1st Time Use |
Subsequent Use |
|
0.50% |
0.50% |
|