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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