Under an FHA loan, how many months of mortgage insurance is necessary to be collected in reserves?

Asked by E, San Jose, CA Mon Sep 8, 2008

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Jackie Pulca…, , New York
Wed Sep 24, 2008
We do not hold anything in escrow for the monthly mortgage insurance premiums. The one time MIP (mortgage insurance premium) is added to the loan amount and financed over the term of the loan.

If you have any additional questions, please feel free to contact me. We are direct lenders, specializing in FHA financing since 1992.

Have a great day

Jackie Pulcano, SVP
United Mortgage Corp
800-462-4862
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Barry Lynn M…, , Trussville, AL
Mon Sep 8, 2008
Mortgage insurance is not collected for reserves you pay a 1.5% funding fee and you typically have 2 mths Hazard and depends on the date of closing for the taxes.
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