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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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2
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
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