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Mutual Mortgage Insurance (MMI): 

• Upfront mortgage insurance (UFMIP) is the one time mortgage insurance premium collected at closing and is sent to HUD to insure the loan. Currently, UFMIP is calculated at 1.75 % X the base loan amount.  Please note that this is to increase in the near 2010 future.
• UFMIP may be paid in cash at closing and may be paid by the Borrower, Seller, or Lender.
• UFMIP may be financed in the mortgage amount. If financed, the UFMIP is added to the base loan amount to arrive at a greater “total” loan amount.
• The total loan amount is the principal amount that the Borrower repays in the mortgage payment each month. The total loan amount may exceed FHA’s statutory (locality) lending limit only by the amount of the financed UFMIP.
• The Borrower may obtain a partial refund of the UFMIP if the loan is refinanced to another FHA mortgage within the first 3 years of term. If the loan is paid off and/or not refinanced to another FHA mortgage, there will be no refund of the UFMIP.

ANNUAL PREMIUM (Monthly mortgage insurance):

• In addition to the UFMIP, monthly mortgage insurance will be charged on all transactions where the term is more than15 years.
• Monthly mortgage insurance is paid monthly (included in the Borrower’s monthly payment.) The amount charged will be determined by the LTV and the term of the loan.  If 15 years or less, and the LTV is under 90%, no monthly premium.  See Mortgagee Letter 00-38.
• Monthly MIP may be canceled prior to payoff of loan. (For 30-year loans, MIP must be paid for 5 years and then canceled when LTV declines to 78%. For 15 year loans, MIP may be dropped when LTV reaches 78% - no specific number of payments must have been made.)

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NationWide Mortgage - Call Now USA - Long Beach, CA 90807
Office Phone: (562)-426-9121 Fax: (562)-481-3793
Cell Phone: (310)-505-2804

Real Estate Broker, California Department of Real Estate.  Equal Housing Lender.

We lend in the following States as a licensed broker: CA, AK, AZ, CO, CT, FL, GA, HI, ID, LA, MS, MO, NV, NM, OR, TX, UT, VT, VA, WA, WY,