Summary of upcoming annual MIP changes for FHA transactions:
| Amortization (loan term) | Loan-to-Value (LTV) |
Previous annual MIP duration period |
Annual MIP duration period effective with Case Numbers assigned on or after Aug. 17, 2013 |
| Less than or equal to 15 years |
Less than or equal to 78% | No annual MIP | Required for 11 years |
| 78.01 – 90% | May be canceled at 78% LTV | Required for 11 years | |
| More than 90% | May be canceled at 78% LTV | Required for the entire loan term | |
| 15 years or more |
Less than or equal to 78% | 5 years | Required for 11 years |
| 78.01 – 90% | May be canceled at 78% LTV | Required for 11 years | |
| More than 90% | May be canceled at 78% LTV | Required for the entire loan term |