The field descriptions for the MIP Calculator Results page are provided below in the order they appear on the page under their sections: Calculator Results and Loan Characteristics.
|Upfront MIP Factor||Factor used to determine the amount of upfront mortgage insurance premium (MIP).|
|Upfront MIP Amount||Amount of upfront MIP required for FHA insurance on the mortgage loan.|
|Annual MIP Factor||Factor used to determine the amount of annual MIP.|
|Estimated Annual MIP Amount ($nnn.nn - per month)||Estimated amount of annual MIP required for FHA insurance on the mortgage. Note: This is the annual MIP amount for the first amortization year. |
Estimated monthly (periodic) premium amount for the first amortization year (Annual MIP Amount divided by 12 and rounded to the second decimal place, based on the value in the third decimal place).
|Case Number Assignment Date||Month, day, and year (mm/dd/yy) the mortgage loan was assigned an FHA case number.|
|FICO Score||Fair Isaac Corporation (FICO) credit score for the borrower(s) used for determining the FHA mortgage insurance premium (MIP) based on the loan's characteristics. (Not applicable to an FHA-to-FHA streamline refinance case.)|
|Loan Term (in months)||Period of time in months from the beginning of loan amortization until maturity.|
|Mortgage Amount (w/o Upfront MIP)||Mortgage amount, excluding any financed upfront mortgage insurance premium (UFMIP or MIP).|
Appraiser's estimate of the market value of the property.
|Sale Price||Contract sales price of the property.|
|First Time Homebuyer with HUD Approved Counseling||Indicator specifying whether the borrower is a first-time home buyer and received pre-purchase home ownership counseling from a HUD-approved counseling agency.|
|Refinance Type||Type of refinance case:|
|Was prior FHA case endorsed before 06/01/2009?||For an FHA-to-FHA refinance case, indicator specifying whether the prior FHA-insured case was endorsed before June 1, 2009.
|Loan-to-value Ratio (LTV)||Percentage of the property value or sales price that the mortgage covers.|
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MIP Calculator - Business Background
MIP Calculator - Processing
MIP Calculator Page - Field Descriptions
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