If I'm going to do an FHA loan with more than 20 per cent down,what type of insurance is required for this? Do I pay upfront or mip? And if so, why is this necessary with at least the 20 per cent down payment? It is also new construction. And my ficos are higher than the 640 range. The home is under construction now with the second story going up. I just want to make sure I'm not paying for items/insurance that I don't need or want to pay for since the settlement charges in FL are very high.TIAJuly 12 2011 - US0YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.