Asked by Anu, 94523 • Thu Jun 10, 2010
I am a first time home-buyer so please excuse if my questions seem to be rudimentary. Is there a formula to calculate the MI on a FHA loan? Lets say I put 5% down payment and still need to borrow around 450,000 using a conventional 30 year fixed at 5%, how much will the MI amount to?
Also would like to know if ever the MI be canceled once a certain equity is reached similar to PMI in conventional loans. Just trying to make sense if I should go in for a FHA or a conventional loan.
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