Home Buying in Porterville>Question Details

lacrossepack…, Home Buyer in Porterville, CA

home cost 160,000, fha loan,25% down how much will my mip be?

Asked by lacrossepackers, Porterville, CA Wed Jan 23, 2013

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You will not have any with FHA or conventional financing. You only need 20% down with no MI with conventional financing 30 yrs and with 25% down with only 1.2% which is $120 a month with FHA 30 yr financing and NO MI with 22% down FHA 15 yr loan. It only takes a few dozen questions to qualify you in minutes. I specialize in Under 640 Fico Score Loans and offer credit repair at no costs to raise fico scores to qualify if necessary. Here are some links to study and consider. I am here for you.

http://www.under640ficoscoreloans.com/Pages/JumboLoan.aspx

http://www.under640ficoscoreloans.com/Pages/Conventional.aspx

http://www.under640ficoscoreloans.com/Pages/FHA.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
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0 votes Thank Flag Link Thu Jan 31, 2013
With FHA, the upfront mortgage insurance premium is currently 1.75% of the loan amount - or $2,100 on a $120,000 base loan amount.

If your loan term is 15-years or less, then there isn't going to be any annual mortgage insurance. However if the loan term is longer than 15-years, then because your loan-to-value would be 95% or less, then the annual mortgage insurance will be 1.20% per year, or on a $120,000 loan amount that would be $120/mo.

Shane Milne | Lending in all 50 states | NMLS #81195
0 votes Thank Flag Link Wed Jan 23, 2013
Question: with 25% down, why are you going FHA?
Credit issues?
0 votes Thank Flag Link Wed Jan 23, 2013
yes,bk 2.5 yrs ago
Flag Wed Jan 23, 2013
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