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Mortgage Insurance is Required for an FHA Loan

You know there's a catch, and here it is :

Because FHA loans do not have strict conventional loan standards, it takes two types of mortgage insurance premiums: 
- one is paid in full-or it can be Financed into a mortgage 
- and the other is a monthly payment. In addition, 



FHA loans require that the house meet certain requirements and must be assessed by an FHA-approved appraiser. Mortgage insurance premiums upfront (UFMIP) - As the name implies, this is a one time upfront payment of a monthly premium, which means the borrower will pay a premium of 1.75% of the home loan, regardless of their credit score. Example: $ 300,000 loan x 1.75% = $ 5,250. This amount can be paid upfront at closing as part of the settlement fee or can be rolled into the mortgage. Annual MIP (charged monthly) - Called annual premiums, this is actually a monthly bill to be thought out in your mortgage payment. The magnitude of the mortgage insurance premium is the percentage of the loan amount, based on the borrower's advance to-esteem (LTV) ratio, loan size, and loan duration: 

1 For example, an annual premium of $ 300,000 loan with 30 years and LTV less than 95 percent will be $ 2,400: $ 300,000 x 0.80% = $ 2,400. To know the monthly payment, share $ 2,400 to 12 months = $ 200. So, the monthly insurance premium will be $ 200 for every month
.
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                                                                                                  Annual 
Loan Term              Loan Amount             LTV Ratio          Insurance 
                                                                                                  Premium
_______________________________________________________________ 
Over 15 years          $625,000 or less         95% or less          0.80%
_______________________________________________________________
Over 15 years          $625,000 or less         Over 95%            0.85%
_______________________________________________________________
Over 15 years          Over $625,000           95% or less          1%
_______________________________________________________________
Over 15 years          Over $625,000           Over 95%            1.05%
_______________________________________________________________
15 years or less        $625,000 or less        90% or less           0.45%
_______________________________________________________________
15 years or less        $625,000 or less         Over 90%            0.70%
_______________________________________________________________
15 years or less        Over $625,000           90% or less          0.70%
_______________________________________________________________
15 years or less        Over $625,000           Over 90%            0.95%
_______________________________________________________________

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