Up Front Mortgage Insurance Premium (UFMIP):
Purchase Money Mortgages and Full Qualifying Refinances are 1.75%.
For loans over 15 years, the monthly premium is .50 for LTV's of 95% or less, and .55 for LTV's greater than 95%. For 15 year or less loans with 90% LTV or less, there is no monthly premium, over 90% LTV carries a .25 monthly premium.
Cancellation of Monthly Premium:
For mortgages with terms greater than 15 years, the annual MIP will be cancelled when the LTV reaches 78% based on the original value of the loan, provided the borrower has paid the annual MIP for at least five years.
For mortgages with terms of 15 years of less, the annual MIP will be cancelled when the LTV reaches 78%.