The Federal Housing Administration has announced changes to both the up front and annual Mortgage Insurance Premiums (MIP) that will be applied to FHA loans with a case number assignment date on or after Monday October 4, 2010. 15 Year term loans will see a significant drop in up from MIP to 1% down from 2.25% while annual premiums will remain the same. FHA loan terms greater than 15 years will see the same reduction to up front MIP, but will also see an increase in annual premiums based on the Loan-To-Value ratio. The exact amount will vary based on your loan scenario.