Quantcast

FHA requirements include mortgage insurance for FHA loans in 2022 to protect lenders against losses that result from defaults on home mortgages. Mortgage insurance premiums are required when down payments are less than 20% of the appraised value.

FHA Loan Programs for 2022

The most recognized 3.5% down payment mortgage in the country. Affordable payments w/good credit.

Are You Watching Your Credit Score?

NOTICE: Some FHA mortgage lenders are substantially raising FICO score requirements during the Coronavirus crisis, even though FHA minimums remain unchanged.


- Improving Your Credit Score Has Never Been More Important -

Get started one
Get started two
Get started three
Get started four
FHA.com is a privately owned website, is not a government agency, and does not make loans.

Choose a Loan Type

FHA.com is a privately owned website, is not a government agency, and does not make loans.

FHA Requirements

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.

2022 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%)

2022 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 LTV Annual MIP
≤ $625,500 ≤ 90% 45 bps (0.45%)
≤ $625,500 > 90% 70 bps (0.70%)
> $625,500 ≤ 78% 45 bps (0.45%)
> $625,500 78.01% to 90% 70 bps (0.70%)
> $625,500 > 90% 95 bps (0.95%)

How Long Will You Pay the MIP?

For loans with FHA case numbers assigned on or after June 3, 2013, FHA will collect the annual MIP, which is the time at which you will pay for FHA Mortgage Insurance Premiums on your FHA loan. They are as follows:

Term LTV% Previous New
≤ 15 years ≤ 78% no annual MIP 11 years
≤ 15 years 78.01% to 90% cancelled at 78% LTV 11 years
≤ 15 years > 90% loan term loan term
> 15 years ≤ 78% 5 years 11 years
> 15 years 78.01% to 90% cancelled at 78% LTV and 5 years 11 years
> 15 years > 90% cancelled at 78% LTV and 5 years loan term

Current Up-Front Mortgage Insurance Premium

The UPMIP is currently at 1.75% of the base loan amount. This applies regardless of the amortization term or LTV ratio.

Current Up-Front MIP on Certain Streamline FHA Refinances

SF forward streamline refinance transactions that are refinancing FHA loans endorsed on or before May 31, 2009, the UFMIP is currently 1.0 percent of the base loan amount.

Current Annual MIP on Certain Streamline FHA Refinances

SF forward streamline refinance transactions that are refinancing FHA loans endorsed on or before May 31, 2009, the Annual MIP will be 55 bps, regardless of the base loan amount and takes effect on or after June 11th, 2012.

*Revision to the Annual MIP Premium – as per Mortgagee Letter 2015-01

There will be no change in Annual Mortgage Insurance Premiums for all case numbers assigned on or after January 26th, 2015 for the following:

  1. On loans with a Loan to Value of less than or equal to 78% and with terms up to 15 years. The annual MIP for these loans will remain at 45 basis points.
  2. On terms ≤ 15 years and loan amounts ≤ $625,500 - If the loan to value is ≤ 90%, the Annual Premium remains the same at 45 basis points (bps). If the loan to value is >90%, the Annual Premium remains the same at 70 basis points (bps).
  3. On terms ≤ 15 years and loan amounts >$625,500 - If the loan to value is 78.01% - 90.00%, the Annual Premium remains the same at 70 basis points (bps). If the loan to value is >90%, the Annual Premium remains the same at 95 basis points (bps).

There will be the following reduction in premiums in Annual Mortgage Insurance Premiums for all case numbers assigned on or after January 26th, 2015 for the following:

  1. On terms > 15 years and loan amounts ≤ $625,500 - If the loan to value is ≤ 95%, the new Annual Premium is reduced from 130 basis points (bps) to 80 basis points (bps). If the loan to value is >95%, the new Annual Premium is reduced from 135 basis points (bps) to 85 basis points (bps).
  2. On terms > 15 years and loan amounts >$625,500 - If the loan to value is ≤ 95%, the new Annual Premium is reduced from 150 basis points (bps) to 100 basis points (bps). If the loan to value is >95%, the new Annual Premium is reduced from 155 basis points (bps) to 105 basis points (bps).

FHA Loan Requirements

SEE YOUR CREDIT SCORES   From All 3 Bureaus  

Do you know what's on your credit report?

Learn what your score means.


GET STARTED

FHA Loan Articles and Mortgage News

Getting Help With Your FHA Mortgage Down Payment

July 21, 2022 - Are you a first-time homebuyer? If you are looking for a home to buy with an FHA mortgage the idea of saving up for your down payment might feel intimidating. But as a first-time homebuyer, you have options for down payment help that can offset your upfront costs. 

VA / FHA Construction Loans in Georgia

July 19, 2022 - Building a new home on your own lot with a VA / FHA construction loan is very popular in Georgia. Zillow® reports the GA medium home value reaching $316,000 at the second quarter of 2022, an increase over last year of  26.91%.

How Many Mortgage Payments Can I Miss

July 17, 2022 - How many months can you miss your mortgage? If you own a home and do not have a plan for what to do if your finances require you to consider missing a payment, you aren’t as well-prepared for owning the home as you think.

FHA Loans and Home Equity

July 15, 2022 - Need to start a home improvement project? Some borrowers want to know if there is an FHA equivalent to some  conventional mortgages that allow you to apply for a home equity loan or a home equity line of credit.

One-Time Close Construction Loans in Florida

July 11, 2022 - One-Time Close construction loans backed by FHA or VA are popular for those building a new home on their own lot in Florida. Zillow® reports the FL medium home value as $397,000 for second quarter of 2022, which has increased in one year by 34.58%.