at the time of insurance and without taking into account delinquent payments or prepayments), as the FHA shall establish. (2) LTV less than 80 percent In the case of a mortgage for which the outstanding principal obligation is less than 80 percent of the appraised value of the property, the annual premium payment shall be an amount that is less than the amount of the annual premium payment established pursuant to paragraph (1), as the FHA shall establish. (c) Procedures The FHA shall establish guidelines and procedures for mortgagors to apply for reductions of premiums pursuant to subsection (b)(2) and to submit evidence regarding the appraised value of the property subject to the mortgage. (d) Self-Sufficient operations Notwithstanding section 203(c) of the National Housing Act ( 12 U.S.C. 1709(c) ) or any other provision of law, premium rates established under this section shall be established in amounts sufficient to cover— (1) costs of providing mortgage insurance coverage under this title