What is FHA PMI??
If you are a potential new homebuyer, you are wading into a brand new world – with it’s own language! One of the first thing you will notice is a reference to Mortgage Insurance and the debate over it’s merits. FHA refers to default insurance as a Mortgage Insurance Premium or MIP for SHORT! It is similar to the Conventional PMI – but has it’s really quite different. Current FHA guidelines for loans over 15 year terms / Purchases and “Non-Streamline” Refinances are: 1.50% Upfront .50 Ann
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Tags: Buyer, Finance, Home, Insurance, Loan, Mortgage