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Since September 2009
Matt-
If you want to avoid the montly mortgage insurance on an FHA loan, you might look at a 15 year. FHA guidelines state that if a 15 year FHA mortgage is 89.99% LTV or Lower, then there is no monthly mortgage inusrance payment. There is, however, the Up Front Mortgage Insurance premium financed into your loan, but you will not have the monthly expense. This is just a suggestion because not everyone can afford the 15 yr. payment. At least take a look at a good faith estimate and compare as Clay and Steve had suggested. Rates tend to be a lot better on the 15 year as well. Have a reputable mortgage banker that knows FHA to help you make this decision.
Best of luck to you and I hope this sheds some light into your situation.
Lender rating
Since January 2009
Lender rating
Since September 2009
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What % of my bank loan can I expect to pay in pmi..0.75% or 1.5%
matt540i
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