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  • y07
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Do I have to pay either UFPMI or monthly PMI for 30 FHA with 22% down?

FHA is a must, cannot do conv. Thank you all.
  • July 02 2012 - US
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Answers (4)

Best Answer

UFMIP required on all loans, regardless of term.

30 Year, Monthly for minimum 5 years, regardless of Loan to Value.
15 Year, no monthly if start at 78% Loan To Value.

For loan amount up to 625,500, the monthly rate on 15 year is .6% if you begin above 90% Loan to Value, and .35% if you begin between 78-90%.

If you are putting 22% down, you should be doing a 15 year FHA, or if you must have the 30 year, you should be looking at conventional loan (assuming you don't have a bankruptcy or foreclosure that might preclude you due to longer waiting periods on conventional).

  • July 02 2012
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  • y07
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Really informative. Thank you Justin.
  • July 02 2012
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  • y07
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Thank you. So, from doing some research on the internet, and your kind answer here is how I would sum it. 30 years you have to pay both up front PMI and monthly regardless of down payment, and 15 years: would be discounted rate for the monthly with 10% down, and none with 22% down, is that accurate?
  • July 02 2012
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Yes, you will be required to pay UFMIP and Monthly Mortgage Insurance with an FHA loan.  The Monthly Mortgage Insurance will remain in place for 60 months.
  • July 02 2012
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