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Answers (3)
- Terri Linnell, "DebtsNMesses"
- Contributions:6728
There is not pmi on any loan when you put 20% down.
If you apply for and get an FHA mortgage, you will have to pay the Upfront Mortgage Insurance Premium (UFMIP), which is 1.75% of the mortgage amount. The UFMIP can be rolled into the loan.
Unless you are getting a 15 year mortgage and putting at least 10% down, you will also have a monthly mortgage insurance premium (MIP). If you are putting less than 5% down, the annual premium is 0.55% of the base loan amount (the base loan amount is that amount before you roll in the UFMIP). If you are putting 5% or more down, then the annual MIP is 0.50% of the base loan amount. To get the monthly amount, divide the annual amount by 12.
For example, for a $100,000 mortgage with 3.5% down, the annual premium will 0.55% of $100,000, or $550. The monthly premium will be $550/12, or $45.83.
Unless you are getting a 15 year mortgage and putting at least 10% down, you will also have a monthly mortgage insurance premium (MIP). If you are putting less than 5% down, the annual premium is 0.55% of the base loan amount (the base loan amount is that amount before you roll in the UFMIP). If you are putting 5% or more down, then the annual MIP is 0.50% of the base loan amount. To get the monthly amount, divide the annual amount by 12.
For example, for a $100,000 mortgage with 3.5% down, the annual premium will 0.55% of $100,000, or $550. The monthly premium will be $550/12, or $45.83.
when buying a home FHA does a person still have to pay PMI?
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