Asked by jennifer, Renton, WA • Sun Feb 10, 2013
My husband has applied for an FHA loan, because he is only putting down 3.5 percent he is required to get mortgage insurance for five years. We were going over his papers and there was a $5000 charge in the closing costs for mortgage insurance. We already have the minimum for a downpayment, if we could afford to pay another $5000 we wouldn't need the mortgage insurance. Is there anyway around this or are we going to have to come up with this money to close?
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