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!
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