Asked by SanFran, Broomfield, CO • Fri Feb 6, 2009
So I am reading confusing articles on these.
FHA needs 3.5% down. Then I have to pay 1.75% Upfront MIP = @$3K in my case. I know I can roll it into my Mortgage......... Then I have to pay Mortgage Insurance (roughly @$100/month in my case) every month.
I thought after building 22% equity in the house, I can escape the Mortgage Insurance almost like its a conventional 5% or 10% down loan. But one article says I will have to pay that MI for life of loan. Another says any unused portion of Upfront MIP gets refunded if the loan is kept for at least 5 of 30 years......
I am interested in finding out if there is a way I can save that $100 Mortgage Insurance after building 22% equity.
Btw, if there are any brokers answering this question, what is the lowest rate you people can provide with no YSP, 1 pt origination?
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