Zillow Advice: FHA and VA Loans - what if we put a down payment of 20% or more will that make it so we dont have to pay that MIP insur http://www.zillow.com/advice-thread/what-if-we-put-a-down-payment-of-20-or-more-will-that-make-it-so-we-dont-have-to-pay-that-MIP-insur/379910/ Zillow Advice | Zillow Real Estate With conventional type financing; ... http://www.zillow.com/advice-thread/what-if-we-put-a-down-payment-of-20-or-more-will-that-make-it-so-we-dont-have-to-pay-that-MIP-insur/379910/ <p>With conventional type financing; if you have a 20% down payment, you will avoid PMI.&nbsp; MIP is typically associated with FHA loans.&nbsp; FHA MIP costs are dictated by the term of the loan.&nbsp; As a Michigan Lender, I would be happy to discuss which option may be the best fit for your scenario.<br/><br/>Best Wishes....</p> Wed, 19 Jan 2011 18:22:00 GMT http://www.zillow.com/advice-thread/what-if-we-put-a-down-payment-of-20-or-more-will-that-make-it-so-we-dont-have-to-pay-that-MIP-insur/379910/ 2011-01-19T18:22:00Z There is a difference between ... http://www.zillow.com/advice-thread/what-if-we-put-a-down-payment-of-20-or-more-will-that-make-it-so-we-dont-have-to-pay-that-MIP-insur/379910/ There is a difference between the MIP / PMI, but they're essentially the same concept.&nbsp; Clay's point about the 15 year FHA or Mark's about the conventional loan, both with one-time mortgage insurance costs, are two options. <br/><br/>There are a few good options...what did your loan officer tell you your credit score was?&nbsp; That's probably the determining factor for which loan will be least expensive.&nbsp; Fri, 07 Jan 2011 13:26:00 GMT http://www.zillow.com/advice-thread/what-if-we-put-a-down-payment-of-20-or-more-will-that-make-it-so-we-dont-have-to-pay-that-MIP-insur/379910/ 2011-01-07T13:26:00Z If you would rather put less ... http://www.zillow.com/advice-thread/what-if-we-put-a-down-payment-of-20-or-more-will-that-make-it-so-we-dont-have-to-pay-that-MIP-insur/379910/ <p>If you would rather put less that 20% down on a conventional loan, and you qualify for mortgage insurance, you can pay a one time upfront fee and not have to pay monthly morgage insurance payments. On a purchase, you may be able to get seller concessions that would cover the cost of the fee. Many of my clients take this route, thereby keeping more money in their personal account and keeping it liquid.<br/><br/></p> Fri, 07 Jan 2011 13:17:00 GMT http://www.zillow.com/advice-thread/what-if-we-put-a-down-payment-of-20-or-more-will-that-make-it-so-we-dont-have-to-pay-that-MIP-insur/379910/ 2011-01-07T13:17:00Z MIP is mortgage insurance ... http://www.zillow.com/advice-thread/what-if-we-put-a-down-payment-of-20-or-more-will-that-make-it-so-we-dont-have-to-pay-that-MIP-insur/379910/ <p>MIP is mortgage insurance on an FHA loan, you will still have to pay 1% MIP fee. Also, if you get a 20, 25, or 30 Yr FHA loan you will also pay the monthly MI payments for 5 years in addition to the upfront MI fee. If you get a conventional loan there will be no MI with 20% down. &nbsp;</p> Fri, 07 Jan 2011 13:06:00 GMT http://www.zillow.com/advice-thread/what-if-we-put-a-down-payment-of-20-or-more-will-that-make-it-so-we-dont-have-to-pay-that-MIP-insur/379910/ 2011-01-07T13:06:00Z