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If I put down 20%, can I qualify for FHA without PMI or MIP? thank you

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Marco Monteiro, "Marco Monteiro"
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Marco Monteiro, "Marco Monteiro"

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There are many reasons to seek FHA financing. One of those reasons is because FHA tends to have more relaxed qualification criteria (credit score, income-to-debt ratios, non-occupant co-borrowers, etc.). The other main reason is due to low down payment requirements (currently 3.5% minimum). Any FHA loan will carry an up front MIP funding fee of 1.75% of the loan amount.

Conventional rates are fairly low right now and will be a better option if you're putting such a substantial amount of money down. I think you should consider all your options. I'd be more than happy to schedule an appointment with you to go over your specific needs and concerns.

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June 12

Abby Belkin, "abbybelkin"
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Abby Belkin, "abbybelkin"

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FHA loans are for people who do not have 20% to put down or who have poor credit or both. If you have good credit and 20% down you would naturally apply for a conventional loan.

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June 04

Bob Lowery, "Bob Lowery"
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Bob Lowery, "Bob Lowery"

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Yes, you will still have to pay up front MIP of 1.75% and annual MIP is you are financing on a 30 year program.

But, why go FHA if you have 20% down?

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June 04

lyn21
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lyn21

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All i know is this you qualify for conventional loan if u pay 20% or more.
and if the buyer cant come up with 20% down or more then you ask for FHA.
which FHA required an UPRONT PMI plus the closing cost
with the conventional loan with 20% down
You wouldnt need to pay for the PMI
closing cant be discussed with the seller.

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June 04

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