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If the OP is considering a 15 Year loan with their 780 score and 10% down, an FHA loan would be a poor choice. Using a $225K loan amount, the upfront mortgage insurance on FHA would be $5062.50. Compare that to paying $50/month for only 31 payments ( 78% and MI removal ) which is $1550, saving $3512.00. Just because there is no monthly MI on the FHA 15 Yr loan with 10% down is no reason to point it out and forget to mention the high upfront 2.25% fee being added to the loan.
Now I am dizzy... She asked about AVOIDING PMI. If someone put down 20% on an FHA loan they would pay 2.25% upfront plus monthly MI for 5 years if it is more than a 15 year term, not exactly avoiding MI. In fact if someone put down 20% with a 780 score, they should get another loan officer if they were told to go FHA.
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