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Kentucky FHA, VA, USDA and Fannie Mae Mortgage Basics - Mortgage 101

100% Financing, Zero Down Payment Kentucky Mortgage Home Loans for Kentucky First time Home Buyers: 2017 Kentucky First Time Home Buyer Grant for $10,...

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Joel Lobb
Senior  Loan Officer
(NMLS#57916)


text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.





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Kentucky FHA Mortgage Insurance Changes for 2017. Cheaper Mortgage Insurance!



Kentucky FHA MIP Rate Changes
Effective for Kentucky  FHA loans with a disbursement date on or after January 27, 2017, HUD is lowering the monthly MIP rates almost across the board. The only MIP remaining the same is that of Streamline & Simple Refinances with terms > 15 years who were eligible for lower MIP as part of the HARP program. Please refer to the below chart for a comparison of the current and upcoming MIP rates.

This is a 25% reduction so it is pretty big deal for lowering your mortgage payments if you go FHA.

For example on a $150,000 loan amount, this would reduce your payment by $31 a month if you had a FHA loan with with 3.5% down payment with a qualfying credit score. 

Remember, FHA does not base their premiums on credit scores, meaning everyone get's the same deal on mi even if you have a 600 credit score, or a 750 credit score.

So if you have a lower fico score, you may want to look at doing a FHA loan after January. 


Loan Term > 15 Years
Base Loan Amount*
LTV
Current MIP
New MIP
≤ $625,500
≤ 95.00%
80 bps
55 bps
≤ $625,500
> 95.00%
85 bps
60 bps
> $625,500
≤ 95.00%
100 bps
55 bps
> $625,500
> 95.00%
105 bps
60 bps
Loan Term ≤ 15 Years
Base Loan Amount*
LTV
Current MIP
New MIP
≤ $625,500
≤ 90.00%
45 bps
25 bps
≤ $625,500
> 90.00%
70 bps
50 bps
> $625,500
≤ 78.00%
45 bps
25 bps
> $625,500
78.01 - 90.00
70 bps
25 bps
> $625,500
> 90.00%
95 bps
50 bps
*NOTE: Base Loan Amount is as reported by FHA Mortgagee Letter. This amount may be subject to change to match the new FHA 1-Unit high balance limit of $636,150.
Streamline/Simple Refinances with previous mortgage endorsed prior to June 1, 2009
Term > 15 Years
Base Loan Amount
LTV
Current MIP
New MIP
All Loan Amounts
All LTVs
55 bps
55 bps
  
Term ≤ 15 Years
Base Loan Amount
LTV
Current MIP
New MIP
All Loan Amounts
All LTVs
55 bps
25 bps
Equal Housing Lender.  NMLS#:57916
Rates, terms, and program information are subject to change without notice. Subject to certain approvals, terms and conditions. This is not a commitment to lend.



The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only.  The posted information does not guarantee approval, nor does it comprise full underwriting guidelines.  This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the views of my employer. Not all products or services mentioned on this site may fit all people










Fill out my form for a Kentucky FHA Loan Pre-Approval for Lower Mi Rates Today

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