Current FHA UFMIP and MIP Mortgage Insurance Rates (Updated 4/1/2013)

The Department of Housing and Urban Development (HUD) periodically revises the FHA UFMIP and MIP mortgage insurance rates based on new laws and the capital needs of the FHA insurance fund. The most up-to-date rates are below.

Calculating FHA Mortgage Insurance Premiums

FHA loans have two types of mortgage insurance, UFMIP, which is paid once at loan closing, and MIP, which is paid in 12 equal installments as part of the mortgage payment. The following are a few points to keep in mind when calculating the mortgage insurance premiums:

  • The rates on the charts below are expressed in basis points, which are a percentage of the loan amount. If the rate is 110 basis points, it’s 1.10% of the loan amount. If the rate is 35 basis points, then the rate is .35% percent of the loan amount.
  • UFMIP is paid once at closing and typically can be financed into the loan for both purchase and refinance transactions.
  • MIP is paid in 12 equal installments as part of the monthly mortgage payment. When calculating the MIP, multiply the loan amount by the correct rate, then divide by 12 to get the monthly premium that will be added to the mortgage payment.
Current FHA MIP Rates (as of  4/1/2013)

** Note that MIP is calculated by multiplying the loan amount by the appropriate rate below (130 bps = 1.30%, 45 bps = .45%, for example) and dividing by 12 to get the monthly payment.

The following are the standard annual MIP rates for case numbers assigned on or after April 1, 2013:

FHA MIP Rates as of April 1, 2013

If you’re doing a streamline refinance of an FHA loan that was endorsed on or before May 31, 2009 by FHA, the MIP  is .55% of the loan amount.

UFMIP Rates (as of  4/1/2013)

** Note that UFMIP is calculated by multiplying the loan amount by the appropriate rate based on loan amount, term, and loan-to-value.  UFMIP is paid once at loan closing and can typically be financed into the loan.

UFMIP is 1.75% of the loan for case numbers assigned on or after April 9, 2012. If you’re doing a streamline refinance of an FHA loan that was endorsed on or before May 31, 2009 by FHA, the UFMIP premium is .01% of the loan amount.