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If I put 20% down upfront with a FHA loan do I still pay the annual mortgage ?

  • August 12 2012 - Clarksville
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Answers (2)

Yes you pay monthly MI for 5 years UNLESS you do 15 years or less loan term in which case it drops off at 78% (and can be avoided with 22% down). If you have 20% down are you able to qualify for a Fannie Mae conventional loan? That would be the easiest way to avoid mortgage insurance if you are planning a 30 year.
  • August 12 2012
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Yes, for min. of 5 yrs. With a 15 yr loan and 22% it could be eliminated, which is why conventional financing is best option with 5% or more down if everything else is equal i.e. credit scores, ratio's etc.
  • August 12 2012
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