What is MIP?
Mortgage Insurance Premium (MIP) is the insurance required on all FHA loans, protecting the FHA fund against default. MIP has two components: an upfront premium of 1.75% of the loan amount (typically financed) and an annual premium paid monthly. For most FHA loans, MIP remains for the life of the loan unless the borrower puts 10% or more down.
FHA MIP is the key trade-off of an FHA loan: the low down payment and flexible credit come with insurance that rarely goes away. This site is not affiliated with HUD or FHA.
FHA · PMI · upfront MIP
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