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% |
2.30% |
3.60% |
| 5% to 9.99% |
1.65% |
1.65% |
| 10% or More |
1.40% |
1.40% |
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% |
|
