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Is a FHA loan for refinancing w/cash out, subject to annual MIP and the upfront mort ins. premium?

  • August 05 2009 - Pawtucket
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Answers (6)

"Hi All FHA loans are subject to the monthly PMI and the upfront FHA MI fee"

FHA loans have PMI Robert? Do tell ... 

 
  • August 06 2009
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Hi All FHA loans are subject to the monthly PMI and the upfront FHA MI fee also cash out FHA is capped at 85% max loan to value.

Thank You
  • August 06 2009
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Actually, not all FHA loans are subject to a 1.75% UFMIP add, streamlines are 1.5%.
  • August 05 2009
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Is an answer more correct if you use more words to say the same thing?
  • August 05 2009
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All FHA loans, regardless of loan amount or loan-to-value (LTV), are subject to the 1.75% upfront mortgage insurance premium (UFMIP). The UFMIP can be rolled into the loan.  With the exception of 15 year fixed rate FHA mortgages with at least 10% down, all other FHA mortgages are subject to the monthly mortgage insurance premium. For loan amounts above 95% LTV, the annual MIP rate is 0.55% of the base loan amount. (Divide the result by 12 for the monthly premium.) For loan amounts at or below 95% LTV, the annual MIP rate is 0.50% of the base loan amount.
  • August 05 2009
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Yes, unless it's a 15 Yr and under 90%, then no annual premium. 
  • August 05 2009
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