How can I receive a discount on the FHA initial mortgage insurance premium?

Asked by Amy Sherman, Brooklyn, NY Mon Mar 11, 2013

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Michael Denn…, Agent, Queens, NY
Wed Mar 13, 2013
BEST ANSWER
Amy, there's no discount on the UFMIP (Upfront Mortgage Insurance Premium) or the MIP (Monthly Insurance Premium). I noticed that you asked several questions regarding FHA mortgages recently. Are you aware that changes scheduled to take effect this April and June may make FHA mortgages significantly more expensive for most borrowers. I explained these changes in a recent blog posting that you can access through my Trulia profile.

Depending on your situation, a conventional loan may be a less expensive option for you than FHA. Many buyers are not aware that they can qualify for a conventional loan with as little as 3% down under certain circumstances. Please consult with a licensed mortgage professional to review all your options and get preapproved. I have extensive experience helping buyers become successful homeowners. For more information or assistance, I can be reached directly at 917.699.0183. Follow me on twitter @mdenniston247.

I value your feedback, please hit the thumbs up if my reply was helpful. All the best.

Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973
Mdenniston@RHFunding.com
http://www.rhfunding.com
.
1 vote
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Mon Mar 11, 2013
You can't. When you purchase a house using FHA financing, you'll pay 1.75% in Upfront Mortgage Insurance Premium which is typically included into the total financed loan amount, and you'll also have monthly mortgage insurance which can vary by the term and percentage of the house's value you're financing. No way to discount any of it on a initial purchase.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
1 vote
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