CHANGES TO FHA MORTGAGE INSURANCE PREMIUMS

FHA Single Family Mortgage Insurance Starting Monday July 14, 2008, for the first time EVER, credit scores will determine loan terms on an FHA Loan Details are Borrowers with no score or at least  500 may get an LTV >90%; see matrix below. Borrowers with a score under 500 get a maximum LTV of 90%. Borrowers without scores will require manual underwriting. Depending on score, Upfront Mortgage Insurance Premiums will range from 1.25% to 2.25%. Depending on score, Monthly Mortgage Insurance will range from .50% to .55%. The premium is based on the borrower with the lowest score. If one of the borrowers has no score, then the Non-Traditional credit grade is used. Credit rescoring is allowed to improve a borrower's credit grade. All FHA Secure refinances >95% LTV with delinquencies have a 2.25% UFMIP and .55% MMI. These changes apply to purchases, cash-out refinances, rate & term refinances, and non-delinquent FHA Secure refinances. UPFRONT AND ANNUAL MORTGAGE INSURANCE PREMIUM RATES Effective July 14, 2008  for Loan Terms Greater than 15 Years
All premiums are shown in basis points - 0.01%
	Credit Score
LTV	300-499	500-559	560-599	600-639	640-679	680-850	Alternative Credit
Less than 90%	175/50	175/50	150/50	125/50	125/50	125/50	150/50
90.01% - 95%	Not Available	200/50	175/50	150/50	125/50	125/50	175/50
Over 95%	Not Available	225/55*	200/55	175/55	150/55	125/55	200/55
* First time Homebuyers WITH HUD APPROVED COUNSELING will be charged 200 basis points for the upfront MI