Annual MIP Rates for Kentucky FHA Mortgage Loans have been Reduced for 2015

FHA
Annual MIP Rates for Kentucky FHA Mortgage Loans have been Reduced
Per the HUD Mortgagee Letter published January 9th, 2015, there will be a “reduction of Federal Housing Administration (FHA) annual Mortgage Insurance Premium (MIP) rates and Temporary Case Cancellation Authority”. This will be “effective for case numbers assigned on or after January 26, 2015“.

NOTE:  15 YR PREMIUMS ARE REMAINING THE SAME.


Up Front MIP (UFMIP)

UFMIP for all FHA transactions remains unchanged at this time.

MI duration

The duration of MI for FHA loans is also unchanged, remaining effective for life of loan for most transactions.  Refer to ML 2013-04 for details.

images (6)
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

 refinance_buttonprequalify_buttonheader-contac-us

Kentucky FHA Loans and requirements for a loan approval after a bankruptcy, foreclosure, short sale

3e9f2-thcaq5dlf1

FHA expands mortgage backing to the once bankrupt | 2013-08-16 | HousingWire

Kentucky FHA loans guidelines for after a bankruptcy, foreclosure, short-sale below:

  • Foreclosures: 3 years from the foreclosure completion date and transferred back to the lender to the credit report date
  • Short Sale: 3 years from the title transfer date
  • Bankruptcy Chapter 7: 2 years from the discharge date. If a property is surrendered in chapter 7 bankruptcy, it is considered to be possible foreclosure which could increase waiting time
  • Bankruptcy Chapter 13: 1 year wait with a scheduled payment plan on liabilities factored into debt-to-income ratio and bankruptcy court approval for mortgage process or 2 years from discharge date
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

Kentucky FHA PMI Changes for 2015

Louisville Kentucky FHA Mortgage Insurance Changescropped-cropped-homes_for_sale_louisville_ky_real_estate_condos_townhouses_patio_homes_louisvilles_choice_realty_banner.jpg

FHA MI Premiums Reduced
*Revised*

Effective 01/26/2015

Submit Your Loans and Take Advantage of the
New Reduced MI Premiums Today!

HUD announced in Mortgagee Letter 2015-01, certain FHA loans will have a reduced monthly MIP factor as reflected in the below table. The rate reduction for annual MIP applies to all FHA mortgages with terms greater than 15 years, excluding streamline refinance transactions that are refinancing existing FHA loans that were endorsed on or before May 31, 2009.

Loan Amount LTV (%) Previous New
< $625,500 < 95.00% 130 bps 80 bps
< $625,500 > 95.00% 135 bps 85 bps
> $625,500 < 95.00% 150 bps 100 bps
> $625,500 > 95.00% 155 bps 105 bps

 

  Thanks to previous changes to the FHA program, borrowers now have to pay mortgage insurance premiums longer than ever.

The length of time on which you’ll pay mortgage insurance premiums on your FHA loan is as follows:

Mortgage Term Loan to Value Ratio Length of Mortgage Premium
15 years or shorter Up to 90% 11 years
15 years or shorter Greater than 90% Full loan term
Greater than 15 years Up to 90% 11 years
Greater than 15 years Greater than 90% Full loan term

Source: HUD.gov.

Kentucky FHA PMI Rates Changes 2013

Effective April 1, 2013 these are the new Kentucky FHA PMI Rates. There are two kinds of Kentucky FHA PMI Insurance.  To calculate your FHA PMI Premium for a Kentucky FHA loan – take your Loan Amount and multiply it by the UFPMI rate (which will likely be 1.75%).  Add that PMI Dollar Figure to your loan amount.  That’s what your principal and Insurance is going to be based upon.

Then that that TOTAL Loan Amount (including your Upfront PMI) and multiply that by the Annual FHA PMI Rate.  Divide that number by 12.  You will have THAT amount added to your Principal and Interest Payment with loans that have case numbers pulled after the end of March 2013.

Additionally, you will note that the new effective annual FHA PMI rates for loans with an LTV of less than or equal to 78 percent and with terms of up to 15 years have gone from ZERO to .45%. The new annual FHA PMI changes ONLY for these loans is effective for case numbers assigned on or after June 3, 2013.   

Term > 15 Years

Base Loan Amount

LTV

Effective Annual PMI UFPMI
≤$625,500 ≤ 95.00% April 1, 2013 1.30 % 1.75%
≤$625,500 > 95.00% April 1, 2013 1.35 % 1.75%
Above $625,500 ≤95.00% April 1, 2013 1.50% 1.75%
Above $625,500 > 95.00% April 1, 2013 1.55% 1.75%
NOTE! Guideline Change. NO MATTER What the LTV is, there is a FHA PMI fee

Term > 15 Years

Base Loan Amount

LTV

Effective Annual PMI UFPMI
≤$625,500 ≤ 90.00% April 1, 2013

.45%

1.75%
≤$625,500 > 90.00% April 1, 2013

.70%

1.75%
Above $625,500 ≤ 90.00% April 1, 2013

.70%

1.75%
Above $625,500 > 90.00% April 1, 2013

.90%

1.75%
Exception: New Streamline Refinances previously endorsed on or before May 31,2009
Base Loan Amount

LTV

Effective Annual PMI UFPMI
Any Amount

Any

June 11, 2012

.55%

.01%

Note that FHA has also issued guidance regarding how long FHA PMI will be on the loan. Effective June 3, 2013 the following will be in effect:

Previous and New FHA Annual PMI Duration

Term

LTV

Effective Previous New
≤ 15 yrs ≤ 78 April 1, 2013 No annual MIP 11 years
≤ 15 yrs > 78 – 90.00 April 1, 2013 Cancelled at 78% LTV 11 years
≤ 15 yrs > 90.00 April 1, 2013 Cancelled at 78% LTV Loan term
> 15 yrs ≤ 78 April 1, 2013 5 years 11 years
> 15 yrs > 78 – 90.00 April 1, 2013

Cancelled at 78% LTV & 5 yrs

11 years
> 15 yrs > 90.00% April 1, 2013

Cancelled at 78% LTV & 5 yrs

Loan Term
action
Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell

2012 FHA LOAN LIMITS FOR KENTUCKY COUNTIES

2012 FHA Loan Limits for Kentucky Counties

1 – FAMILY is a single family home or condominium
2 – FAMILY is two separate living units (duplex)
3 – FAMILY three separate living units (triplex)
4 – FAMILY four separate living units(fourplex)

Kentucky Counties One-Family Two-Family Three Family Four-Family MSA
Adair County $271,050 $347,000 $419,425 $521,250 NON-METRO
Allen County $271,050 $347,000 $419,425 $521,250 NON-METRO
Anderson County $271,050 $347,000 $419,425 $521,250 FRANKFORT, KY (MICRO)
Ballard County $271,050 $347,000 $419,425 $521,250 PADUCAH, KY-IL (MICRO)
Barren County $271,050 $347,000 $419,425 $521,250 GLASGOW, KY (MICRO)
Batd County $271,050 $347,000 $419,425 $521,250 MOUNT STERLING, KY (MICRO)
Bell County $271,050 $347,000 $419,425 $521,250 MIDDLESBOROUGH, KY (MICRO)
Boone County $337,500 $432,050 $522,250 $649,050 CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)
Bourbon County $271,050 $347,000 $419,425 $521,250 LEXINGTON-FAYETTE, KY (MSA)
Boyd County $271,050 $347,000 $419,425 $521,250 HUNTINGTON-ASHLAND, WV-KY-OH (MSA)
Boyle County $271,050 $347,000 $419,425 $521,250 DANVILLE, KY (MICRO)
Bracken County $337,500 $432,050 $522,250 $649,050 CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)
Breatditt County $271,050 $347,000 $419,425 $521,250 NON-METRO
Breckinridge County $271,050 $347,000 $419,425 $521,250 NON-METRO
Bullitt County $302,500 $387,250 $468,100 $581,750 LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
Butler County $271,050 $347,000 $419,425 $521,250 NON-METRO
Caldwell County $271,050 $347,000 $419,425 $521,250 NON-METRO
Calloway County $271,050 $347,000 $419,425 $521,250 MURRAY, KY (MICRO)
Campbell County $337,500 $432,050 $522,250 $649,050 CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)
Carlisle County $271,050 $347,000 $419,425 $521,250 NON-METRO
Carroll County $271,050 $347,000 $419,425 $521,250 NON-METRO
Carter County $271,050 $347,000 $419,425 $521,250 NON-METRO
Casey County $271,050 $347,000 $419,425 $521,250 NON-METRO
Christian County $271,050 $347,000 $419,425 $521,250 CLARKSVILLE, TN-KY (MSA)
Clark County $271,050 $347,000 $419,425 $521,250 LEXINGTON-FAYETTE, KY (MSA)
Clay County $271,050 $347,000 $419,425 $521,250 NON-METRO
Clinton County $271,050 $347,000 $419,425 $521,250 NON-METRO
Crittenden County $271,050 $347,000 $419,425 $521,250 NON-METRO
Cumberland County $271,050 $347,000 $419,425 $521,250 NON-METRO
Daviess County $271,050 $347,000 $419,425 $521,250 OWENSBORO, KY (MSA)
Edmonson County $271,050 $347,000 $419,425 $521,250 BOWLING GREEN, KY (MSA)
Elliott County $271,050 $347,000 $419,425 $521,250 NON-METRO
Estill County $271,050 $347,000 $419,425 $521,250 NON-METRO
Fayette County $271,050 $347,000 $419,425 $521,250 LEXINGTON-FAYETTE, KY (MSA)
Fleming County $271,050 $347,000 $419,425 $521,250 NON-METRO
Floyd County $271,050 $347,000 $419,425 $521,250 NON-METRO
Franklin County $271,050 $347,000 $419,425 $521,250 FRANKFORT, KY (MICRO)
Fulton County $271,050 $347,000 $419,425 $521,250 UNION CITY, TN-KY (MICRO)
Gallatin County $337,500 $432,050 $522,250 $649,050 CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)
Garrard County $271,050 $347,000 $419,425 $521,250 NON-METRO
Grant County $337,500 $432,050 $522,250 $649,050 CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)
Graves County $271,050 $347,000 $419,425 $521,250 MAYFIELD, KY (MICRO)
Grayson County $271,050 $347,000 $419,425 $521,250 NON-METRO
Green County $271,050 $347,000 $419,425 $521,250 NON-METRO
Greenup County $271,050 $347,000 $419,425 $521,250 HUNTINGTON-ASHLAND, WV-KY-OH (MSA)
Hancock County $271,050 $347,000 $419,425 $521,250 OWENSBORO, KY (MSA)
Hardin County $271,050 $347,000 $419,425 $521,250 ELIZABEtdTOWN, KY (MSA)
Harlan County $271,050 $347,000 $419,425 $521,250 NON-METRO
Harrison County $271,050 $347,000 $419,425 $521,250 NON-METRO
Hart County $271,050 $347,000 $419,425 $521,250 NON-METRO
Henderson County $271,050 $347,000 $419,425 $521,250 EVANSVILLE, IN-KY (MSA)
Henry County $302,500 $387,250 $468,100 $581,750 LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
Hickman County $271,050 $347,000 $419,425 $521,250 NON-METRO
Hopkins County $271,050 $347,000 $419,425 $521,250 MADISONVILLE, KY (MICRO)
Jackson County $271,050 $347,000 $419,425 $521,250 NON-METRO
Jefferson County $302,500 $387,250 $468,100 $581,750 LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
Jessamine County $271,050 $347,000 $419,425 $521,250 LEXINGTON-FAYETTE, KY (MSA)
Johnson County $271,050 $347,000 $419,425 $521,250 NON-METRO
Kenton County $337,500 $432,050 $522,250 $649,050 CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)
Knott County $271,050 $347,000 $419,425 $521,250 NON-METRO
Knox County $271,050 $347,000 $419,425 $521,250 NON-METRO
Larue County $271,050 $347,000 $419,425 $521,250 ELIZABEtdTOWN, KY (MSA)
Laurel County $271,050 $347,000 $419,425 $521,250 LONDON, KY (MICRO)
Lawrence County $271,050 $347,000 $419,425 $521,250 NON-METRO
Lee County $271,050 $347,000 $419,425 $521,250 NON-METRO
Leslie County $271,050 $347,000 $419,425 $521,250 NON-METRO
Letcher County $271,050 $347,000 $419,425 $521,250 NON-METRO
Lewis County $271,050 $347,000 $419,425 $521,250 MAYSVILLE, KY (MICRO)
Lincoln County $271,050 $347,000 $419,425 $521,250 DANVILLE, KY (MICRO)
Livingston County $271,050 $347,000 $419,425 $521,250 PADUCAH, KY-IL (MICRO)
Logan County $271,050 $347,000 $419,425 $521,250 NON-METRO
Lyon County $271,050 $347,000 $419,425 $521,250 NON-METRO
Madison County $271,050 $347,000 $419,425 $521,250 RICHMOND-BEREA, KY (MICRO)
Magoffin County $271,050 $347,000 $419,425 $521,250 NON-METRO
Marion County $271,050 $347,000 $419,425 $521,250 NON-METRO
Marshall County $271,050 $347,000 $419,425 $521,250 NON-METRO
Martin County $271,050 $347,000 $419,425 $521,250 NON-METRO
Mason County $271,050 $347,000 $419,425 $521,250 MAYSVILLE, KY (MICRO)
Mccracken County $271,050 $347,000 $419,425 $521,250 PADUCAH, KY-IL (MICRO)
Mccreary County $271,050 $347,000 $419,425 $521,250 NON-METRO
Mclean County $271,050 $347,000 $419,425 $521,250 OWENSBORO, KY (MSA)
Meade County $302,500 $387,250 $468,100 $581,750 LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
Menifee County $271,050 $347,000 $419,425 $521,250 MOUNT STERLING, KY (MICRO)
Mercer County $271,050 $347,000 $419,425 $521,250 NON-METRO
Metcalfe County $271,050 $347,000 $419,425 $521,250 GLASGOW, KY (MICRO)
Monroe County $271,050 $347,000 $419,425 $521,250 NON-METRO
Montgomery County $271,050 $347,000 $419,425 $521,250 MOUNT STERLING, KY (MICRO)
Morgan County $271,050 $347,000 $419,425 $521,250 NON-METRO
Muhlenberg County $271,050 $347,000 $419,425 $521,250 CENTRAL CITY, KY (MICRO)
Nelson County $302,500 $387,250 $468,100 $581,750 LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
Nicholas County $271,050 $347,000 $419,425 $521,250 NON-METRO
Ohio County $271,050 $347,000 $419,425 $521,250 NON-METRO
Oldham County $302,500 $387,250 $468,100 $581,750 LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
Owen County $271,050 $347,000 $419,425 $521,250 NON-METRO
Owsley County $271,050 $347,000 $419,425 $521,250 NON-METRO
Pendleton County $337,500 $432,050 $522,250 $649,050 CINCINNATI-MIDDLETOWN, OH-KY-IN (MSA)
Perry County $271,050 $347,000 $419,425 $521,250 NON-METRO
Pike County $271,050 $347,000 $419,425 $521,250 NON-METRO
Powell County $271,050 $347,000 $419,425 $521,250 NON-METRO
Pulaski County $271,050 $347,000 $419,425 $521,250 SOMERSET, KY (MICRO)
Robertson County $271,050 $347,000 $419,425 $521,250 NON-METRO
Rockcastle County $271,050 $347,000 $419,425 $521,250 RICHMOND-BEREA, KY (MICRO)
Rowan County $271,050 $347,000 $419,425 $521,250 NON-METRO
Russell County $271,050 $347,000 $419,425 $521,250 NON-METRO
Scott County $271,050 $347,000 $419,425 $521,250 LEXINGTON-FAYETTE, KY (MSA)
Shelby County $302,500 $387,250 $468,100 $581,750 LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
Simpson County $271,050 $347,000 $419,425 $521,250 NON-METRO
Spencer County $302,500 $387,250 $468,100 $581,750 LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
Taylor County $271,050 $347,000 $419,425 $521,250 CAMPBELLSVILLE, KY (MICRO)
Todd County $271,050 $347,000 $419,425 $521,250 NON-METRO
Trigg County $271,050 $347,000 $419,425 $521,250 CLARKSVILLE, TN-KY (MSA)
Trimble County $302,500 $387,250 $468,100 $581,750 LOUISVILLE-JEFFERON COUNTY, KY-IN (MSA)
Union County $271,050 $347,000 $419,425 $521,250 NON-METRO
Warren County $271,050 $347,000 $419,425 $521,250 BOWLING GREEN, KY (MSA)
Washington County $271,050 $347,000 $419,425 $521,250 NON-METRO
Wayne County $271,050 $347,000 $419,425 $521,250 NON-METRO
Webster County $271,050 $347,000 $419,425 $521,250 EVANSVILLE, IN-KY (MSA)
Whitley County $271,050 $347,000 $419,425 $521,250 CORBIN, KY (MICRO)
Wolfe County $271,050 $347,000 $419,425 $521,250 NON-METRO

Kentucky FHA Mortgage Insurance Premiums 2011

 

 

Kentucky FHA Mortgage Insurance Premiums 2011

Kentucky FHA Mortgage Insurance Premium Amounts
EFFECTIVE FOR CASE ASSIGNMENTS DATED ON OR AFTER APRIL 18, 2011

 
FHA Single Family Mortgage Insurance
Upfront and Annual Mortgage Insurance Premiums
(Loan Terms greater than 15 years)
All premiums are specified in basis points (0.01%)
LTV UFMIP Annual
≤95 100 110
>95 100 115
 
FHA Single Family Mortgage Insurance
Upfront and Annual Mortgage Insurance Premiums
(Loan Terms 15 years or less)
All premiums are specified in basis points (0.01%)
LTV UFMIP Annual
≤90 100 25
>90 100 50