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FHA Wants To Increase Mortgage Insurance Premium

Feb 15, 2011 | Reprints | Print

The Federal Housing Administration (FHA) has proposed increasing its annual mortgage insurance premium (MIP) by a quarter of a percentage point on all 30- and 15-year loans.

The FHA believes the MIP increase will strengthen its capital reserves, said FHA Commissioner David H. Stevens. The upfront MIP will remain unchanged at 1 percent. This premium change will impact new loans insured by FHA on or after April 18.

"After careful consideration and analysis, we determined it was necessary to increase the annual mortgage insurance premium at this time in order to bolster the FHA’s capital reserves and help private capital return to the housing market," said Stevens. "This quarter point increase in the annual MIP is a responsible step towards meeting the congressionally mandated 2 percent reserve threshold, while allowing FHA to remain the most cost effective mortgage insurance option for borrowers with lower incomes and lower down payments."

Banking & Lending