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
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 95% or less 0.80%
_______________________________________________________________
Over 15 years $625,000 or less Over 95% 0.85%
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 95% or less 1%
_______________________________________________________________
Over 15 years Over $625,000 Over 95% 1.05%
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 90% or less 0.45%
_______________________________________________________________
15 years or less $625,000 or less Over 90% 0.70%
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 90% or less 0.70%
_______________________________________________________________
15 years or less Over $625,000 Over 90% 0.95%
15 years or less Over $625,000 Over 90% 0.95%
_______________________________________________________________
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