On Wednesday FHA announced a BIG CHANGE to their monthly mortgage insurance premiums, but their upfront mortgage insurance premium will remain 1.75% of the base loan amount and this is still added to the base loan amount. Here are the new annual premiums, first for loan amounts up to the national conforming limit of $726,200—· < 5% down the premium is now 55 basis points a year, down 30 basis points.
· > 5% down the premium is now 50 basis points a year, down 30 basis points too.
· With < 10% down the borrower must still pay this premium for the life of the loan.
· With 10% down or more this premium is only paid for the first 11 years of the loan.
In counties that allow higher loan amounts such as the 10 metro Denver counties and Boulder County too the premiums are as follows for loan amounts > $726,200—
· < 5% down the premium is now 75 basis points, down 10 basis points
· > 5% down the premium is now 70 basis points, down 15 basis points
· With < 10% down the borrower must still pay this premium for the life of the loan.
· With 10% or more this premium is only paid for the first 11 years of the loan.
Here are FHA’s loan limits in various counties—
· Metro Denver—Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, & Park Counties have a High Balance Loan Limit of $787,750.
· Boulder County loan limit is $856,750.
· Larimer County loan limit is $614,100
· Weld County loan limit is $555,450
· El Paso County loan limit is $517,500