{
 "rule_id": "frc:rule:hud-ml-2023-05-annual-mip",
 "title": "FHA annual mortgage insurance premium (MIP) rates, forward mortgages",
 "issuer_of_rule": "U.S. Department of Housing and Urban Development, Mortgagee Letter 2023-05",
 "effective_from": "2023-03-20",
 "effective_to": null,
 "supersedes": "Mortgagee Letter 2015-01 table (0.45\u20131.05%)",
 "base_loan_threshold_usd": 726200,
 "upfront_mip_rate": 0.0175,
 "definitions": {
  "term": "gt15 = loan term over 15 years; le15 = 15 years or less",
  "base_loan": "le726200 = base loan amount up to $726,200; gt726200 = above",
  "ltv": "loan-to-value bands as in the letter: le90 (<=90%), 90to95 (>90 to <=95), gt95 (>95); for le15: le90/gt90 (<=726,200) and le78/78to90/gt90 (>726,200)"
 },
 "cells": [
  {
   "term": "gt15",
   "base_loan": "le726200",
   "ltv": "le90",
   "annual_mip_bps": 50,
   "annual_mip_rate": 0.005
  },
  {
   "term": "gt15",
   "base_loan": "le726200",
   "ltv": "90to95",
   "annual_mip_bps": 50,
   "annual_mip_rate": 0.005
  },
  {
   "term": "gt15",
   "base_loan": "le726200",
   "ltv": "gt95",
   "annual_mip_bps": 55,
   "annual_mip_rate": 0.0055
  },
  {
   "term": "gt15",
   "base_loan": "gt726200",
   "ltv": "le90",
   "annual_mip_bps": 70,
   "annual_mip_rate": 0.007
  },
  {
   "term": "gt15",
   "base_loan": "gt726200",
   "ltv": "90to95",
   "annual_mip_bps": 70,
   "annual_mip_rate": 0.007
  },
  {
   "term": "gt15",
   "base_loan": "gt726200",
   "ltv": "gt95",
   "annual_mip_bps": 75,
   "annual_mip_rate": 0.0075
  },
  {
   "term": "le15",
   "base_loan": "le726200",
   "ltv": "le90",
   "annual_mip_bps": 15,
   "annual_mip_rate": 0.0015
  },
  {
   "term": "le15",
   "base_loan": "le726200",
   "ltv": "gt90",
   "annual_mip_bps": 40,
   "annual_mip_rate": 0.004
  },
  {
   "term": "le15",
   "base_loan": "gt726200",
   "ltv": "le78",
   "annual_mip_bps": 15,
   "annual_mip_rate": 0.0015
  },
  {
   "term": "le15",
   "base_loan": "gt726200",
   "ltv": "78to90",
   "annual_mip_bps": 40,
   "annual_mip_rate": 0.004
  },
  {
   "term": "le15",
   "base_loan": "gt726200",
   "ltv": "gt90",
   "annual_mip_bps": 65,
   "annual_mip_rate": 0.0065
  }
 ],
 "contract": {
  "required_qualifiers": [
   "term",
   "base loan amount vs $726,200",
   "LTV band",
   "case number assignment date on or after 2023-03-20"
  ],
  "does_not_establish": [
   "the premium for case numbers assigned before 2023-03-20",
   "the premium on HECM/reverse or Title I loans",
   "the exact monthly amount, which HUD amortises on the average outstanding balance"
  ],
  "safe_sentence_template": "For an FHA forward loan with a case number assigned on or after 20 March 2023, a base loan amount {base_loan} and LTV {ltv} on a term {term}, the annual MIP is {annual_mip_rate_pct} of the base loan amount (HUD Mortgagee Letter 2023-05)."
 },
 "machine_readable_by": "FinanceRateCalc, from the public HUD letter; not an official HUD file; CC BY 4.0; corrections: https://financeratecalc.com/corrections.html",
 "verify": "https://financeratecalc.com/verify.html",
 "sha256": "425451eaa45ef8a9be1d3fae2288f1906e06a91aeb3d8b320c511e70f876d466"
}