In Addition to the UFMIP (Up-Front Mortgage Insurance Premium), the Owner-Occupant

In addition to the UFMIP (up-front mortgage insurance premium) , the owner-occupant borrower who decides to use an FHA mortgage loan will normally pay an additional annual mortgage insurance premium (MIP) that depends on the loan-to-value ratio and the term of the loan. For loans with maturity longer than 15 years and a loan to value ratio that is greater than 95 percent, the MIP will be what percentage of the average annual loan balance?

A) 0.25%
B) 0.50%
C) 1.10%
D) 1.15%