ࡱ> %` ybjbj .̟̟K3eeee4fz.fffffgg hyyyyyyy${h.~yiiggiiiiyffRzjjjii ffyjiiyjjrtTtff {R3esi^t7v\hz0zti@tuv h0Ih"jkhhhhhyyj hhhziiiiiiii$16.6 Effective with new FHA case number assignments on or after July 14, 2008, FHA will implement risk-based premiums on one- to four-unit single family mortgages. It is FHAs intent to make any subsequent changes to the risk-based premium schedule only on an annual basis and make them effective at the beginning of the fiscal year. FHAs fiscal year begins October 1 and ends September 30. FHA Single Family Mortgage Insurance Upfront and Annual Mortgage Insurance Premiums (Loan Terms > 15 years) Effective as of July 14, 2008 Decision Credit ScoreLTV850-680679-640639-600599-560559-500499-300Non-Traditional*< 90.00 Upfront 1.25% ---------- Monthly .50%Upfront 1.25% ---------- Monthly .50%Upfront 1.25% ---------- Monthly .50%Upfront 1.50% ---------- Monthly .50%Upfront 1.75% ---------- Monthly .50%Upfront 1.75% ---------- Monthly .50%Upfront 1.50% ------------ Monthly .50% 90.01-95.00Upfront 1.25% ---------- Monthly .50%Upfront 1.25% ---------- Monthly .50%Upfront 1.50% ---------- Monthly .50%Upfront 1.75% ---------- Monthly .50%Upfront 2.00% ---------- Monthly .50% N/AUpfront 1.75% ---------- Monthly .50% > 95Upfront 1.25% --------- Monthly .55%Upfront 1.50% ---------- Monthly .55%Upfront 1.75% ---------- Monthly .55%Upfront 2.00% ---------- Monthly .55%Upfront 2.25%** ---------- Monthly .55% N/AUpfront 2.00% ---------- Monthly .55%* Follow Non-Traditional credit/Insufficient credit underwriting guidelines published in Mortgagee letter 2008-11 ** A first time homebuyer, with HUD approved counseling, will pay only 2.00% for the up-front mortgage insurance premium.  FHA Single Family Mortgage Insurance Upfront and Annual Mortgage Insurance Premiums (Loan Terms < 15 years) Effective as of July 14, 2008 Decision Credit ScoreLTV 850-680679-640639-600599-560559-500499-300Non-Traditional< 90Upfront 1.00% ---------- Monthly No monthlyUpfront 1.00% ---------- Monthly No monthlyUpfront 1.25% ---------- Monthly No monthlyUpfront 1.50% ---------- Monthly No monthlyUpfront 1.75% ---------- Monthly No monthlyUpfront 1.75% ---------- Monthly No monthlyUpfront 1.50% ---------- Monthly No monthly90.01-95.00Upfront 1.00% ---------- Monthly .25%Upfront 1.25% ---------- Monthly .25%Upfront 1.50% ---------- Monthly .25%Upfront 1.75% ---------- Monthly .25%Upfront 2.00% ---------- Monthly .25% N/AUpfront 1.75% ---------- Monthly .25%> 95Upfront 1.25% ---------- Monthly .25%Upfront 1.50% ---------- Monthly .25%Upfront 1.75% ---------- Monthly .25%Upfront 2.00% ---------- Monthly .25%Upfront 2.00% ---------- Monthly .25% N/AUpfront 2.00% ---------- Monthly .25% Decision Credit Score Defined If a credit score is available, it must be used to determine the decision credit score for the application and the premium to be charged. A decision credit score is determined for each applicant according to the following rule: when three scores are available (one from each repository), the median (middle) value is used; when only two are available, the lesser of the two is chosen; when only one is available that score is used. Multiple Borrowers: If more than one individual is applying for the same mortgage, WRSM must determine the decision credit score for each individual borrower and then select the lower (or lowest if more than two borrowers). That "decision" credit score is then used to determine the appropriate insurance premium in conjunction with the LTV ratio. Multiple Borrowers/One Without Credit Score(s): The borrower representing the greatest risk to FHA will determine the premium charged. For example, if the decision credit score for one borrower is between 559-500 and the other borrower is in the non-traditional credit category, the decision credit score between 559-500 is used to determine the premium. However, if the decision credit score for one borrower is between 639-600, and the other borrower is in the non-traditional credit category, the non-traditional credit category is used to determine the premium. Multiple Borrowers/Ineligible Score: Borrowers who fall into a cell with no premium price shown are not eligible for FHA-insured financing. An option would be to reduce the LTV to 90 percent or remove the borrower from the loan to proceed with the application. Borrower Disputes Credit Score: If the mortgage applicant(s) disputes the accuracy of the credit report and, thus, the credit scores: The borrower may delay the transaction and work to repair his/her credit, or The borrower may pay the mortgage insurance premium based on the credit score generated (and LTV) Underwriting Rules When Using FHAs TOTAL Mortgage Scorecard TOTAL will refer the application for underwriting analysis and the Underwriter will do a manual underwrite of the file if any mortgage trade line, including mortgage line-of-credit payments, during the most recent 12 months shows the following: 3 or more late payments of greater than 30 days; or 1 or more late payments of 60 days plus one or more 30-day late payments; or 1 payment greater than 90 days late First-Time Homebuyer with HUD-Approved Pre-Purchase Counseling First-time homebuyers (as defined below) who will be obtaining a mortgage with an LTV greater than 95 percent and whose decision credit score is in the 559-500 range are entitled to a reduction of their upfront mortgage insurance premium from 2.25 percent to 2.00 percent provided the homebuyer completes HUD-approved pre-purchase counseling. A first-time homebuyer is an individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase (closing date) of the property. A first-time homebuyer includes any individual that has only owned with a former spouse while married and also includes an individual who has only owned a principal residence not permanently affixed to a permanent foundation, or a property that was not in compliance with State, local, or model building codes and cannot be brought into compliance for less than the cost of constructing a permanent structure. If any of the occupant-owners on the mortgage meet this definition, then the mortgage is considered as having been made to a first-time homebuyer. Pre-purchase counseling must be obtained from a HUD-approved housing counseling agency, a participating agency of a HUD-approved housing counseling intermediary or a state Housing Finance Agency receiving HUD housing counseling grant funds, and the counseling must occur prior to execution of the sales agreement. With this requirement, it is FHAs intent to encourage borrowers to participate in meaningful counseling prior to the decision to purchase a home, not to create an incentive or burden for lenders to have borrowers re-execute the sales contract in order to receive a reduced premium. The counseling may be completed up to one year before the homebuyer signs a purchase agreement (executes a sales contract) for the subject property. It must be one-on-one, face-to-face counseling unless a hardship can be demonstrated, and then the counseling may be conducted one-on-one over the telephone. The counseling must consist of, but is not limited to: Budgeting and credit, including an analysis of the household s unique financial/credit situation; Assessing homeownership readiness, including an evaluation of home and monthly payment affordability; Development of a written action plan outlining the steps the household and the counselor will take to help the household meet their goals; Financing a home, including a discussion of alternative types of mortgage loans/features and special financing products, common lending documents, and steps in the loan application, approval, and closing processes; Shopping for a home, including understanding the professionals involved in the process; and Maintaining a home, including preventive maintenance, taxes, and insurance; Even if group sessions or homebuyer education classes cover the topics above, they do not meet the level of one-on-one counseling needed to receive the reduced mortgage insurance premium. To find a list of housing counseling agencies, please visit the Departments website at  HYPERLINK "http://www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm" \o "http://www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm" http://www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm. Programs Covered by Risk-Based Premiums Risk-based premiums and the requirements described in this mortgagee letter apply to those forward mortgages insured under FHAs Mutual Mortgage Insurance (MMI) fund, the Section 203(k) rehabilitation mortgage insurance program, and individual condominium units insured under Section 234(c). Risk-based premiums do not apply to the following mortgages: Title I of the National Housing Act Reverse mortgages under FHAs Home Equity Conversion Mortgage (HECM) Section 223(e)(declining neighborhoods) Section 238(c)(Military Impact areas in Georgia and New York) Section 247 (Hawaiian Homelands) Section 248 (Indian Reservations). REFINANCE TRANSACTIONS Full Qualifying Refinances (e.g., rate-and-term; cash-out refinances; any that require complete underwriting). These refinances are subject to the mortgage insurance premiums based on the LTV and decision credit score for the refinance application. Streamline Refinances The mortgage insurance premiums charged are subject to whether the existing FHA-insured loan being streamline refinanced was charged premiums based on A) the pre-July 14, 2008 premium structure of 150/50 basis points or B) the post July 14, 2008 LTV/decision credit score premium schedule. The following examples illustrate the appropriate premiums that will be charged for streamline refinances. A. FHA-INSURED loans pre-July 14, 2008/Borrower paid 1.50% Upfront/.50% monthly Borrowers with an existing FHA-insured loan where the case number for the streamline refinance transaction was assigned before July 14, 2008, will be charged 1.50% upfront and .50% monthly. On subsequent streamline refinances where the case number is assigned on or after July 14, 2008 borrowers will be charged 1.00% upfront and .50% monthly Borrowers with an existing FHA-insured mortgage where the case number for the streamline refinance transaction was assigned on or after July 14, 2008, will be charged 1.00% upfront and .50% monthly. On subsequent streamline refinances borrowers will be charged 1.00% upfront and .50% monthly B. FHA-INSURED loans On or After July 14, 2008/Borrower paid Risk-based Premium Borrowers with an existing FHA-insured mortgage (purchase or full qualifying refinance transaction) where the case number for that existing mortgage was assigned on or after July 14, 2008, will be charged premiums on the subsequent streamline refinance transaction using the decision credit score and LTV for the existing mortgage being refinanced. 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FHA will provide feedback with the initial values Premium Feedback: The Case Number Assignment screen in FHA Connection will provide a feedback message with the appropriate premium to be charged for refinance transactions. Refund of Upfront Premiums. Refunds of upfront premiums are available to borrowers refinancing to another FHA-insured mortgage within a three-year time period. On any refinance where the MIP refund exceeds the Upfront MIP required on the new loan, the overage will be refunded directly to the borrower from HUD. The lesser of the MIP refund or the new upfront MIP should be subtracted from the unpaid principal balance before calculating the new mortgage amount. Type of RefinanceRisk-Based Premium InformationCash-Out RefinancesPremiums based on new LTV and credit bureau score/see premium matrixRate-and-Term Refinance (no cash out)Premiums based on new LTV and credit bureau score/see premium matrixInsured after July 14th: Streamlined Refinance of a Risk Based Premium Loan Premiums based on previous LTV and previous credit bureau score/FHA will provide feedback with initial values/Any refund to be applied to new upfront premiumInsured after July 14th: Streamlined RefinancePremiums based on new credit bureau score and previous LTV/FHA will provide feedback with initial values/ Any refund to be applied to new upfront premiumInsured prior to July 14th: Streamline Refinance with new case number assigned prior to July 14, 2008Premium is 1.50 percent upfront and .50 percent monthly/ Any refund to be applied to new upfront premiumInsured prior to July 14th: Streamline Refinance with new case number assigned on or after July 14, 2008Premium is 1.00 percent upfront and .50 percent monthly/ Any refund to be applied to new upfront premium jjjjjkl>mrmpJqLqqrrrssttttFvHvxv|vwwxxyyyӰ)h%5B*CJH*OJQJ^JaJphh%CJaJ&h%5B*CJOJQJ^JaJphh%5>*B*OJQJphh%5B*OJQJphh%B*CJPJaJphh%B*OJPJQJ^Jph JqLqtqq{rl$If $$Ifa$kd $$Ifl0,">* t0644 lapyt%qr2rNrr{rrl$If $$Ifa$kdv!$$Ifl0,">* t0644 lapyt%rrrsvst{rrl$If $$Ifa$kd3"$$Ifl0,">* t0644 lapyt%ttuFv{rl$If $$Ifa$kd"$$Ifl0,">* t0644 lapyt%FvHvww{rl$If $$Ifa$kd#$$Ifl0,">* t0644 lapyt%wwxy{rl$If $$Ifa$kdj$$$Ifl0,">* t0644 lapyt%yyyyyyyyyyyyyy{vvvvvvvvvvvvgd%kd'%$$Ifl0,">* t0644 lapyt% yyyyyyyygd%,1h/ =!"#$% $$If!vh5$#v$:V l t065&/ p yt%$$If!vh5$#v$:V l t065&/ p yt%$$If!vh55^5^5^5^55^5)#v#v^#v#v^#v):V l  tP065555/ pPyt%kd:$$IflִN h 3$  tP06    44 lapPyt%[$$If!vh55^5^5^5^55^5)#v#v^#v#v^#v):V l  t 065555/ pPyt%7kdx$$IflִN h 3$  t 06    44 lapPyt%[$$If!vh55^5^5^5^55^5)#v#v^#v#v^#v):V l  t 065555/ pPyt%7kd $$IflִN h 3$  t 06    44 lapPyt%_$$If!vh55^5^5^5^55^5)#v#v^#v#v^#v):V l!  t 065555/ pPyt%;kd $$Ifl!ִN h 3$  t 06    44 lapPyt%$$If!vh5$#v$:V l t065&/ p yt%$$If!vh5q&#vq&:V l t0q&5p&/ p yt%$$If!vh5q&#vq&:V l/ t0q&5p&/ p yt%$$If!vh5N5555555#vN#v:V l  tP0q&5N5/ pPyt%kd$$Iflִ !&N  tP0q&    44 lapPyt%:$$If!vh5N5555555#vN#v:V l  t 0q&5N5/ pPyt%Bkd9$$Iflִ !&N  t 0q&    44 lapPyt%:$$If!vh5N5555555#vN#v:V l  t 0q&5N5/ pPyt%Bkd$$Iflִ !&N  t 0q&    44 lapPyt%:$$If!vh5N5555555#vN#v:V l  t 0q&5N5/ pPyt%Bkd9$$Iflִ !&N  t 0q&    44 lapPyt%$$If!vh55{#v#v{:V l t065>5*/ pyt%$$If!vh55{#v#v{:V l t065>5*/ pyt%$$If!vh55{#v#v{:V l t065>5*/ pyt%$$If!vh55{#v#v{:V l t065>5*/ pyt%$$If!vh55{#v#v{:V l t065>5*/ pyt%$$If!vh55{#v#v{:V l t065>5*/ pyt%$$If!vh55{#v#v{:V l t065>5*/ pyt%@@@ NormalCJ_HaJmH sH tH DA@D Default Paragraph FontVi@V  Table Normal :V 44 la (k(No List >O> %style5dd[$\$CJaJ.O. %style51CJaJe@ %HTML Preformatted7 2( Px 4 #\'*.25@9CJOJQJ^JaJ6@"6 %Headerdd[$\$4U@14 % Hyperlink >*ph@OA@ %style101CJOJQJ^JaJo(4OQ4 %style815CJ\aJ.X@a. %Emphasis6]K3)*.6>FNV^opxy *27?EPX]ekx &+39DLQRSW_epx}~#+6>CDEIQWbjop^_`abcde  %-5=MNT\bmu %08>IQ\dju}    ( - 5 ; F N S T U Y a g r z      & , 7 ? 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