{
  "effective_date": "2026-04-18",
  "source": "Industry-standard published rate cards (benchmark reference)",
  "last_updated": "2026-04-18",
  "notes": [
    "PMI rates are BORROWER-SPECIFIC (based on credit score + LTV), NOT lender-specific.",
    "A borrower's lender cannot negotiate a lower PMI rate - the MI company prices the risk based on the borrower profile.",
    "These rates mirror industry standards (rates vary by <= 0.02% across major providers).",
    "Values in basis points (bp) per year. Monthly PMI = loan_amount * (rate_bp / 10000) / 12.",
    "Applies to borrower-paid monthly PMI on standard 30-year fixed conventional loans, primary residence, single family, with standard MI coverage (25% at LTV 90.01-95, 30% at LTV 95.01-97).",
    "DISCLAIMER: PMI rates shown are industry-standard estimates. Actual rates may vary slightly by MI provider, product, and borrower profile. Get your exact rate from your lender."
  ],
  "conventional_pmi": {
    "description": "Borrower-paid monthly PMI, 30-year fixed, primary residence",
    "credit_score_tiers": ["760+", "740-759", "720-739", "700-719", "680-699", "660-679", "640-659", "620-639"],
    "ltv_tiers": ["80.01-85", "85.01-90", "90.01-95", "95.01-97"],
    "rates_bp_per_year": [
      [19, 23, 30, 36],
      [23, 28, 36, 42],
      [26, 32, 42, 50],
      [31, 38, 53, 64],
      [40, 54, 70, 83],
      [52, 73, 90, 108],
      [71, 98, 121, 140],
      [85, 118, 144, 169]
    ],
    "rates_annual_pct": [
      [0.19, 0.23, 0.30, 0.36],
      [0.23, 0.28, 0.36, 0.42],
      [0.26, 0.32, 0.42, 0.50],
      [0.31, 0.38, 0.53, 0.64],
      [0.40, 0.54, 0.70, 0.83],
      [0.52, 0.73, 0.90, 1.08],
      [0.71, 0.98, 1.21, 1.40],
      [0.85, 1.18, 1.44, 1.69]
    ],
    "removal_ltv": 80,
    "removal_notes": "PMI can be requested for removal at 80% LTV, automatically terminates at 78% LTV per Homeowners Protection Act."
  },
  "fha_mip": {
    "description": "FHA Mortgage Insurance Premium - upfront and annual",
    "source": "HUD Mortgagee Letter 2023-05 (current as of 2026-04-18)",
    "upfront_mip_pct": 1.75,
    "upfront_notes": "UFMIP is typically rolled into the loan amount.",
    "annual_mip_by_loan_term_and_ltv": {
      "30_year_over_95_ltv": 55,
      "30_year_at_or_under_95_ltv": 50,
      "15_year_over_90_ltv": 40,
      "15_year_at_or_under_90_ltv": 15,
      "_note": "Values in basis points per year. Monthly MIP = loan_amount * (rate_bp / 10000) / 12."
    },
    "duration_notes": [
      "FHA MIP lasts for the life of the loan when LTV > 90% at origination.",
      "FHA MIP drops off after 11 years when LTV <= 90% at origination.",
      "MIP cannot be canceled like conventional PMI just by reaching 80% LTV through payments or appreciation.",
      "Only way to remove FHA MIP once locked in for life: refinance to conventional."
    ]
  },
  "va_funding_fee": {
    "description": "VA Funding Fee - one-time fee, can be rolled into loan",
    "source": "VA Lenders Handbook M26-7, Chapter 8 (current as of 2026-04-18)",
    "purchase_first_use": {
      "zero_down": 2.15,
      "5_to_10_down": 1.50,
      "10_or_more_down": 1.25
    },
    "purchase_subsequent_use": {
      "zero_down": 3.30,
      "5_to_10_down": 1.50,
      "10_or_more_down": 1.25
    },
    "refinance": {
      "irrrl": 0.50,
      "cash_out_first_use": 2.15,
      "cash_out_subsequent_use": 3.30
    },
    "exemptions": [
      "Veterans receiving VA compensation for service-connected disabilities are EXEMPT from the funding fee.",
      "Surviving spouses of veterans who died in service or from service-connected disabilities are EXEMPT.",
      "Purple Heart recipients are EXEMPT.",
      "Always verify exemption status via the Certificate of Eligibility (COE)."
    ]
  },
  "usda_guarantee_fee": {
    "description": "USDA Rural Development guarantee fee - upfront and annual",
    "source": "USDA Rural Development Fee Structure FY 2026",
    "upfront_pct": 1.00,
    "annual_pct": 0.35,
    "notes": [
      "USDA loans are 100% financing (no down payment required).",
      "Upfront fee can be rolled into loan amount.",
      "Annual fee is paid monthly, similar to PMI.",
      "USDA annual fee lasts for the life of the loan (like FHA MIP at >90% LTV)."
    ]
  }
}