FHA charges an Upfront Mortgage Insurance Premium of 1.75% of your loan amount which is financed on top of your loan. In addition, FHA requires annual mortgage insurance which is broken down to 12 monthly installments and collected with each payment just like your taxes & insurance.
I would have to see an estimate of your closing costs from the lender to tell whether or not you're charged twice for the FHA Upfront Mortgage Insurance Premium.
I would be happy to give you a second opinion.
Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.
Please feel free to contact me for more information or help.
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
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