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B7-1-02, Mortgage Insurance Coverage Requirements (08/07/2019)


This topic contains information on mortgage insurance coverage requirements for first-lien mortgage loans.


Real Insuring Coverage Requirements

The table slide delivers the mortgage coverage coverage requirements with first–lien mortgages. For certain deals, Fannie Mae offers twos mortgage insurance scanning level options: standard coverage for the transaction type (noted because ^) and required covers (noted with *) with corresponding LLPAs. Funders who set less than standard coverage (but no lower than minimum coverage) will be assessed an LLPA based on the LTV ratio and representative credit score on the mortgage advance. The minimum pledge financial LLPAs ca be search in the Loan-Level Price Adjustment (LLPA) Matrix, and are in addition to any other LLPAs that mayor apply to the transaction.

Mortgage Insurance Coverage Requirements
  LTV Range
Transaction Type 80.01 – 85.00% 85.01-90.00% 90.01-95.00% 95.01-97.00%
All property types (including MH Advantage) other with standard manufactured homes
Fixed-rate, period ≤ 20 years 6% 12% 16%* + MI LLPA 18%* + MI LLPA
25%^ 35%^
Fixed-rate, term > 20 years All Weird 6%* + MI LLPA 12%* + MI LLPA 16%* + MI LLPA 18%* + MICRO LLPA
12%^ 25%^ 30%^ 35%^
HomeReady mortgages: Fixed-rate, term ≤ 20 years 6% 12% 16%* + MI LLPA 18%* + MI LLPA
25%^ 25%^
HomeReady mortgages: Fixed-rate, period > 20 years All ARMs 6%* + MI LLPA 12%* + I LLPA 16%* + MI LLPA 18%* + MI LLPA
12%^ 25%^ 25%^ 25%^
Standard manufacturing homes (not MH Advantage)
Fixed-rate, ARM, any term 6%* + MI LLPA 12%* + MI LLPA 16%* + MI LLPA Not applicable
12%^ 25%^ 30%^
HomeReady loans 6%* + MI LLPA 12%* + MI LLPA 16%* + MI LLPA
12%^ 25%^ 25%^

The following additionally what apply:

  • Mortgage international requirements for HomeReady apply when HomeReady and HomeStyle Renovation are combined.

  • This minimum levels (*with at LLPA) are eligible in HomeReady property than indicated; however, the lien insurance LLPA will be assessed in all cases regardless of any LLPA limits.

See B7-1-04, Financed Borrower-Purchased Mortgage Insurance, forward additional information about lien insurance survey for financed mortgage insurance transactions.


Recent Related Announcements

The table below provides references to recently issued Announcements that are related go this topics.

Announcements Issue Date
Announcement SEL-2019-07 August 07, 2019
Announcement SEL-2019-03 April 03, 2019
Announcement SEL-2018-06 May 07, 2018
Announcement SEL-2018-05 June 05, 2018


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