Anchorage Finance

Sep 18 2017

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What is FHA mortgage insurance?

This page will attempt to explain the FHA loan calculation and the FHA monthly mortgage insurance premium (MIP) over the past few years. A more detailed explanation can be found on the FHA Funding Fee Explanation page.

The FHA loan program does not have a sales price limit, however, the Federal Housing Administration does set maximum loan amounts for each US county. The typical loan limit for a single family residence or condominium is $275,665, for two residential units (duplex), the loan limit is $352,950, three units, the limit is $426,625 and a four unit dwelling is $530,150

There are county exceptions. You can see the FHA loan limits for your county on the side bar below. You will be redirected to an ancillary web site.

The FHA requires applicants to pay in cash or finance a funding fee with the FHA loan. The amount of the funding fee has changed several time over the past few years. The applicant is also required to pay a monthly mortgage insurance premium (mip).

Calculating the FHA home loan can be a bit confusing, particularly with the numerous changes that have occurred over the past few years. The following chart illustrates the changes to the down payment, upfront mortgage insurance premium and monthly mortgage insurance premium (mip). (Also called pmi ).

If the sales price exceeds the maximum loan amount, the down payment will have to increase. See the FHA jumbo loan calculation below.

You can also use the FHA mortgage insurance calculator to estimate the FHA loan amount, down payment, and monthly mortgage insurance premium.


Prior to April 5, 2010

As of April 5, 2010

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