Kentucky FHA Mortgage Insurance Premium (MIP) ChangesFHA Kentucky Mortgage Insurance Premium Changes
As announced in Mortgagee Letter 2013‐04, HUD will be removing the annual monthly Mortgage Insurance Premium (MIP) exemption for loans with terms of 15 years or less and loan‐to‐value (LTV) ratios less than or equal to 78% at origination. The period for assessing the annual monthly MIP has also been revised. These changes are effective for case numbers assigned on or after June 3, 2013 and are detailed below.
Increase to Annual MIP FHA loans with terms of 15 years or less and LTV ratios less than or equal to 78% at origination will now require annual monthly MIP. Streamline refinance transactions endorsed on or before May 31, 2009 are not affected by this change.
Note: HUD Form 92900‐B (Important Notice to Homebuyers) will be updated to include the revised MIP maximum duration on June 3, 2013.
FHA Case Number Assignments The last day the existing MIP is available is this Friday, May 31, 2013. In order to meet FHA’s deadline,
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