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A loan backed by the Federal Housing Administration (FHA) lets you avoid PMI with only a 3.5% down payment. The catch here is that the FHA requires borrowers to pay a mortgage insurance premium at ...
The Homeowners Protection Act of 1998 requires that lenders remove private mortgage insurance when a borrower reaches a 78 percent loan-to-value (LTV) ratio. For example, if the purchase price of ...
Conventional wisdom states that when buying a house, the responsible thing to do is to make a good down payment. Not only will you keep your mortgage payments lower, but you also will avoid ...
Private mortgage insurance (PMI) protects lenders against risk of default on loans to homebuyers. Reducing risk to lenders can mean lower interest rates and better access to credit for borrowers ...
The ability to remove FHA mortgage insurance depends on your loan origination date and size of your down payment. If you got your FHA loan after the year 2000, you might be able to cancel FHA ...
With an FHA loan, you’ll be required to pay mortgage insurance premiums (MIPs). This comes in two forms: an upfront MIP paid at closing that’s 1.75 percent of the loan amount, and an annual ...
Example of an FHA MIP payment. Say you bought a $340,000 home with the minimum 3.5 percent down ($11,900) on a 30-year FHA loan at 6.4 percent interest.
Conventional loans can require as little as 3 percent down for qualified borrowers, while FHA loans can be had for as low as 3.5 percent if you meet the credit requirements. Mortgage
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