6.014%
FHA Purchase Loan "PAR" Rate
(580 to 599 FICO Scores)
Rates effective as of 01/12/2023 9:30:00 AM EST
(For more details on this rate, scroll down to the bottom of this page)
- Government FHA (Federal Housing Administration) Purchase Loan fixed for 30 years
(The National Conforming FHA Loan Limit for 2024 is $498,257 for a 1 unit home) - Owner Occupied Primary Residence
(Not 2nd Home or investment property) - Single Family Residence (Not a condo)
- $516,328 Purchase Price
- $18,071 3½% Down Payment (This can be gifted)
- $498,257 Initial Loan Amount
- $8,719.50 UFMIP
(Up Front Mortgage Insurance Premium of 1.75% of Loan Amount) - $506,976.50 Final Loan Amount (UFMIP added to inital loan amount)
- $227.10 MI Mortgage Insurance
(Monthly Mortgage Insurance based on a 580 to 599 FICO scores)
Note: All FHA Loans have 2 different Mortgage Insurance Premiums:
1. UFMIP (Up Front Mortgage Insurance Premium) 1.75% of the loan amount & added to the loan amount.
2. MIP (Monthly Mortgage Insurance Premium which is 0.00055%)
Mortgage Term of More Than 15 Years | ||
LTV | MIP (bps) | Duration |
≤ 90.00% | 50 = .0055 | 11 Years |
> 90.00% but ≤ 95.00% | 50 | Mortgage Term |
> 95.00% | 55 | Mortgage Term |
NOTE: Paying down your mortgage on FHA loans will not remove the MIP payment.
The Annual MIP is calculated for each year by taking the average of the 12 balances for that year
(before the UFMIP amount) and multiplying it by the applicable rate percent (50 or 55 in table above).
This amount is then divided by 12 for the monthly MIP payment.
GNMA; FICO 580 to 599: | 1.750 FICO Score Low Level Price Adjustment to Rate |
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NOTE: Green Numbers indicate a Rate Buy Down
(Rate is below PAR = Mortgage Birdie = Paying for a Lower Rate & Payment)
Red Numbers indicate a Lender Credit to help cover closing costs
(Rate is above PAR = Mortgage Bogey = Extra Money for Closing Costs)
4.875 | 1.825 | 3.575 | $18,124.41 | $2,682.96 | $227.10 | $2,910.06 |
5.000 | 1.170 | 2.920 | $14,803.71 | $2,721.56 | $227.10 | $2,948.66 |
5.125 | 0.546 | 2.296 | $11,640.18 | $2,760.42 | $227.10 | $2,987.52 |
5.250 | -0.049 | 1.701 | $8,623.67 | $2,799.54 | $227.10 | $3,026.64 |
5.375 | 0.050 | 1.800 | $9,125.58 | $2,838.92 | $227.10 | $3,066.02 |
5.499 | -0.538 | 1.212 | $6,144.56 | $2,878.24 | $227.10 | $3,105.34 |
5.500 | -0.542 | 1.208 | $6,124.28 | $2,878.56 | $227.10 | $3,105.66 |
5.625 | -1.107 | 0.643 | $3,259.86 | $2,918.44 | $227.10 | $3,145.54 |
5.749 | -1.643 | 0.107 | $542.46 | $2,958.26 | $227.10 | $3,185.36 |
5.750 | -1.647 | 0.103 | $522.19 | $2,958.58 | $227.10 | $3,185.68 |
5.875 | -1.195 | 0.555 | $2,813.72 | $2,998.96 | $227.10 | $3,226.06 |
5.999 | -1.694 | 0.056 | $283.91 | $3,039.25 | $227.10 | $3,266.35 |
6.000 | -1.698 | 0.052 | $263.63 | $3,039.58 | $227.10 | $3,266.68 |
6.014 | -1.750 | 0.000 | $0.00 | $3,044.14 | $227.10 | $3,271.24 |
6.125 | -2.163 | -0.413 | ($2,093.81) | $3,080.44 | $227.10 | $3,307.54 |
6.249 | -2.594 | -0.844 | ($4,278.88) | $3,121.21 | $227.10 | $3,348.31 |
6.250 | -2.597 | -0.847 | ($4,294.09) | $3,121.54 | $227.10 | $3,348.64 |
6.375 | -1.772 | -0.022 | ($111.53) | $3,162.87 | $227.10 | $3,389.97 |
6.500 | -2.217 | -0.467 | ($2,367.58) | $3,204.44 | $227.10 | $3,431.54 |
6.625 | -2.635 | -0.885 | ($4,486.74) | $3,246.23 | $227.10 | $3,473.33 |
6.750 | -3.022 | -1.272 | ($6,448.74) | $3,288.24 | $227.10 | $3,515.34 |
6.875 | -2.299 | -0.549 | ($2,783.30) | $3,330.47 | $227.10 | $3,557.57 |
7.000 | -2.693 | -0.943 | ($4,780.79) | $3,372.93 | $227.10 | $3,600.03 |
7.125 | -3.060 | -1.310 | ($6,641.39) | $3,415.59 | $227.10 | $3,642.69 |
7.250 | -3.401 | -1.651 | ($8,370.18) | $3,458.47 | $227.10 | $3,685.57 |
7.375 | -2.658 | -0.908 | ($4,603.35) | $3,501.56 | $227.10 | $3,728.66 |
7.500 | -3.001 | -1.251 | ($6,342.28) | $3,544.85 | $227.10 | $3,771.95 |
7.625 | -3.324 | -1.574 | ($7,979.81) | $3,588.35 | $227.10 | $3,815.45 |
7.750 | -3.630 | -1.880 | ($9,531.16) | $3,632.04 | $227.10 | $3,859.14 |
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