Financing in Racine>Question Details

Jjohnson, Other/Just Looking in Waukesha, WI

Is the UFMIP and MIP on an FHA loan based on the purchase price or loan amount?

Asked by Jjohnson, Waukesha, WI Tue Sep 14, 2010

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Loan amount. If you're comparing loans, keep in mind FHA UFMIP and MIP rates are changing eff. October 4th.

Elena Ollick
Amerivest Realty
Faith Home Loans
239-206-4500
eo@oceanhomesrealty.com
http://www.andrewollick.com/realestateblog
0 votes Thank Flag Link Wed Sep 15, 2010
good afternoon....both mi factors are figured from the base loan amount...not sales price...base is the sales price minus the downpayment...total loan amount (which is what your payment is based on) is the base amount plus the ufmip....
best regards
bob mcclure
mortgage one
brighton, michigan
0 votes Thank Flag Link Tue Sep 14, 2010
It is based on loan amount, starting October 4th 1% for upfront and in most case 95 basis points for monthly (a big increase).
0 votes Thank Flag Link Tue Sep 14, 2010
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