Home Buying in Washington>Question Details

Dee Brown, Home Buyer in Washington, DC

How is PMI determined on an FHA loan? Is it a percentage of the loan price?

Asked by Dee Brown, Washington, DC Sun Feb 10, 2013

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PMI (Private Mortgage Insurance) can actually be bought out by the borrower or the lender therefore eliminating the requirement for the borrower to pay it over the term of the loan. With FHA they hit you with both and upfront MIP (mortgage insurance premium) can be paid for in cash or it can be financed, and a MMI (monthly mortgage insurance) that will continue for next 60 months, that is until FHA/HUD decides to change the guidelines again, and that seems to be every year.
1 vote Thank Flag Link Sun Feb 10, 2013
Hi dbrownofdc,

I agree with Miekeba Jone's answer. Do you need a recommendation for lenders? Check out my preferred lender partners at the link provided. I hope this helps.
0 votes Thank Flag Link Sun Feb 10, 2013
Hi dbrownofdc, yes consult a mortgage lender.
0 votes Thank Flag Link Sun Feb 10, 2013
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