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Pdkat175, Home Buyer in California

what are typical PMI numbers on a 10% conventional loan VS MIP numbers on an FHA loan?

Asked by Pdkat175, California Sat Mar 23, 2013

what are typical PMI numbers on a 10% conventional loan VS MIP numbers on an FHA loan

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Pdkat,

FHA raised their rates again this year and the MIP (mortgage insurance premium) now stands at 1.5% of the loan amount with 10% down, 1.55% with less than 10% down.

For a conventional loan it depends on the loan itself as well as your credit score and can range from .49% to .69% or so - which is much less than FHA.

With a conventional loan it is good to remember that the MI charged can be removed in as little as 2 years by either paying down the loan or having a combination of pay down and appreciation that takes the loan to 80% of current market value for your home.

FHA will require a minimum of 5 years no matter the loan to value of the home, but after that will release the mortgage insurance if the loan to value equals 78% or less.

Hope this helps - be sure to write or call with further questions!
0 votes Thank Flag Link Tue Jun 25, 2013
If you are tryinng to avoid paying any mortgage insurnace with 90% LTV on conventional loan you can choose lender paid MI.
0 votes Thank Flag Link Thu May 9, 2013
It depends on credit fico scores, loan amount, conforming or high balance jumbo loan. It only takes a few dozen questions to qualify you in minutes and go over rates and terms.

I can email you gfe fee estimates for both scenario's depending on your credit profile. I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify for programs, rates and terms as necessary. Here are some links to study and consider.

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

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

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

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

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

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
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0 votes Thank Flag Link Sat Mar 23, 2013
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