MIP Calculator can be used
to determine the upfront mortgage insurance premium (MIP) and annual MIP for loans
assigned an FHA case number on or after July 14, 2008. MIP Calculator also provides the monthly (periodic)
MIP amount for the first year of loan amortization based on the annual MIP. MIP Calculator is not used for Home Equity Conversion Mortgage (HECM) cases and cases under the following Sections of the National Housing Act: Section 223(e) - Declining Neighborhoods, Section 238(c) - Military Impact Areas in Georgia and New York, Section 247 - Hawaiian Homelands, and Section 248 - Indian Lands. Also, for streamline refinance cases, Refinance Authorization and Refinance Credit Query can be used instead of MIP Calculator.
allows you to calculate the upfront and annual MIP factors for a new loan based on loan characteristics or look up the MIP factors for an existing loan that was:
- scored via FHA TOTAL Scorecard,
- processed via Insurance Application on the FHA Connection, or
- processed through Firm Commitment (i.e., case of a lender with preclosing status).
If the loan information entered via Insurance
Application differs from the information entered via FHA
TOTAL Scorecard, the MIP factors are recalculated in the Computerized Homes
Underwriting Management System (CHUMS), HUD's system for processing cases for
FHA mortgage insurance.
For cases assigned an FHA case number before July 14, 2008:
- Use Case Query to get the upfront MIP factor for a nonendorsed or endorsed case.
- For an endorsed case, you can request a Portfolio report containing both the upfront and annual MIP factors. Portfolio is located on the FHA Connection's Single Family Servicing, Monthly Premiums menu. FHA Connection authorization for this function is required.
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MIP Calculator - Processing
MIP Calculator Page - Field Descriptions
MIP Calculator Results Page -
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September 17, 2008