Upfront Mortgage Insurance Premium (MIP) Charge

The upfront MIP rate is provided in Appendix 1.0 - Mortgage Insurance Premiums of the FHA Single Family Housing Policy Handbook 4000.1.

FHA Connection's Case Processing menu can be used to get an estimate of the upfront MIP amount (and annual MIP amount).

Note: There is no rounding of the upfront MIP calculation. For example, if the calculated upfront MIP is $1234.5678, the upfront MIP amount collected is $1234.56.

Late Charge

A one-time late charge of four percent (4%) is assessed on an upfront MIP payment received more than 10 calendar days after the mortgage closing or disbursement date, whichever is later.

Note: If the 10th calendar day occurs on a weekend or holiday, payment must be received before 8:00 p.m. ET on the last business day prior to the 10th day. For example, if the 10th day is on a Sunday, the payment must be received before 8:00 p.m. ET on Friday, the 8th day, to avoid a late charge.

Interest Charge

A one-time interest charge is assessed on an upfront MIP payment received more than 30 calendar days after the mortgage closing or disbursement date, whichever is later. The interest rate is the U.S. Department of the Treasury's Current Value of Funds Rate in effect when the upfront MIP payment is received.