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Bernard, Both Buyer and Seller in Atlanta, GA

Mortgate insurance would most likely be charge on what type of loan

Asked by Bernard, Atlanta, GA Wed Nov 19, 2008

Mortgate insurance would most likely be charge on what type of loan

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Sorry but PMI (private mortgage insurance) is for conventional loans with less than 20% down
MIP (mortgage insurance premimum) is for fha loans there is also an up fron 1.75 % than can but does not have to be rolled into the loan.
VA loans have no mortgage insurance at all but they do have a 2.25% funding fee for your first time use then 3% for every time after that
The amount of monthly PMI or MIP is a math calculation best done by your lender
0 votes Thank Flag Link Thu Nov 20, 2008
I am not a mortgage expert... so I will give the very general answer. Private mortgage insurance is required on MOST (not all) loans where there is not at least 20% equity. FHA, VA and other government loans are insured, although it's not usually an out of pocket cost to the borrower.
0 votes Thank Flag Link Thu Nov 20, 2008
Dan has it - feel free to call Kevin at SunTrust - 770-277-2341 as he is a mortgage expert.

Hank
0 votes Thank Flag Link Thu Nov 20, 2008
On any loan amount over 80% and on all FHA and VA loans. Hope this helps. If I can help any further please let me know.
0 votes Thank Flag Link Wed Nov 19, 2008
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