Thank you Kaycee for providing this information

Mortgage Insurance premium rates:

  • April 5, 2010, the Up-Front rate will increase from 1.75% to 2.25%.
  • FHA will not immediately change annual mortgage insurance (MI) rates because they are already at the statutory maximum rate (*currently 0.50% for < 95% Loan To Value and 0.55% for > 95% Loan To Value).  
  • FHA is current seeking legislative authority to increase the annual MIP that FHA can charge.  The annual rates will be adjusted if FHA's request to increase the rates is granted by Congress.
  • Maximum seller concessions will be reduced from 6% to 3%

*This premium is the amount of mortgage insurance that is added to your payment monthly.  For 30 year FHA loans, this premium will be charged for a minimum of 60 payments.  Example of a $100,000 mortgage, 96.50% LTV, your monthly premium will be calculated as follows:  ($100,000 x .55%)/12 = $45.83 monthly.

For more information, please visit www.fha.gov, State Info, Montana.




Kaycee Carroll
Real Estate Lender

Western Security Bank
2401 Grand Avenue
Billings, MT 59102

Phone:  406-238-8852
Fax:  406-238-8855