How long is MIP collected for case numbers assigned on or after June 3, 2013?

For loans with an FHA case number assigned on or after June 3, 2013, FHA will collect the Annual Mortgage Insurance Premium (MIP) for the maximum duration permitted as described in Handbook 4000.1 Appendix 1.0 – Mortgage Insurance Premiums.
 
ALL LOAN TERMS (Greater than 15 years and less than or equal to 15 years)
- LTV greater than 90%
Annual MIP will be collected until the end of the loan term, or 30 years, whichever occurs first.
 
- LTV less than or equal to 90%
Annual MIP will be collected until the end of the loan term, or 11 years, whichever occurs first.
 
Handbook 4000.1 is available at https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh

All policy information contained in this knowledge base article is based upon the referenced HUD policy document. Any lending or insuring decisions should adhere to the specific information contained in that underlying policy document.


Topic Number: KA-03223