Mortgage

FHA Requirements: Mortgage Insurance for 2020

Mortgage Insurance (MIP) for FHA Insured Loan

Mortgage insurance is a policy that protects lenders against losses that result from defaults on home mortgages. FHA requires both upfront and annual mortgage insurance for all borrowers, regardless of the amount of down payment.

2020 MIP Rates for FHA Loans Over 15 Years

If you take out a typical 30-year mortgage or anything greater than 15 years, your annual mortgage insurance premium will be as follows:

Base Loan Amount LTV Annual MIP
≤ $625,500 ≤ 95% 80 bps (0.80%)
≤ $625,500 > 95% 85 bps (0.85%)
>$625,500 ≤ 95% 100 bps (1.00%)
> $625,500 > 95% 105 bps (1.05%)

2020 MIP Rates for FHA Loans Up to 15 Years

Homebuyers who can afford to pay off their loans quicker and opt for a shorter term, such as a 15-year mortgage, will benefit from lower mortgage insurance premiums, as follows:

Base Loan Amount
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Benchmark 30-Year Mortgage Rate Sinks After Fed Intervention

The benchmark 30-year fixed-rate mortgage fell this week to 3.75 percent from 3.88 percent, according to Bankrate’s weekly survey of large lenders.

The Federal Reserve is on an asset-buying spree in an effort to keep the housing market afloat and stabilize mortgage rates. This is likely good news for people looking to take out a mortgage or refinance.

Mortgage rates have been volatile, jumping some 32 basis points in just two weeks prior to this to 3.88 percent, according to Bankrate’s national survey. Meanwhile, the 10-year Treasury has plunged back below 1 percent, which means fixed-rate mortgages may also trend down in the days to come.

A year ago, the 30-year fixed was 4.17 percent. Four weeks ago, the rate was 3.71 percent. The 30-year fixed-rate average for this week is 0.61 percentage points below the 52-week high of 4.36 percent, and is 0.19 percentage points greater than the 52-week

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Finance of America Mortgage

©2019 Finance of America Mortgage LLC is licensed nationwide |  | NMLS ID # 1071 (www.nmlsconsumeraccess.org) | 300 Welsh Road, Building 5, Horsham, PA 19044 | (800) 355-5626 | AZ Mortgage Banker License #0910184 | Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act | Georgia Residential Mortgage Licensee | Illinois Residential Mortgage Licensee | Kansas Licensed Mortgage Company | Licensed by the N.J. Department of Banking and Insurance | Licensed Mortgage Banker — NYS Banking Department | Rhode Island Licensed Lender.

Loans made or arranged pursuant to a California Finance Lenders Law license.

Pre-approvals are based on underwriter review of credit and income documentation only. A pre-approval is not a loan approval, rate lock, guarantee or commitment to lend. An underwriter must review and verify a complete loan application after you are preapproved in order to qualify.

This is not a commitment to lend.

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Finance & Mortgage Brokers | Australian Mortgage Brokers, Training & Courses

Are you ready to reap the benefits of Membership with
the best finance broker association in Australia?

The FBAA are Australia’s premier finance brokers association, and we have extensive reach into all the major and regional areas of the country – including Perth, Sydney, Melbourne, Gold Coast, Brisbane, Hobart, Darwin, Canberra and Adelaide.

Our unique finance brokers association represents, educates and protects finance and mortgage brokers like you. By joining us, you can access our collective bargaining power, which allows us to monitor legislation and make representations to Regulators, Commonwealth Government Departments, and Members of State and Federal Parliament on matters that directly affect you.

Who should join the Finance Brokers Association of Australia?

• Finance and mortgage brokers, new to the industry established finance and mortgage brokers looking to expand their knowledge • Motor finance broker specialists • Vendor finance mortgage broker specialists • Asset finance broker specialists •

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