do you have to have pmi with an fha loan

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On conventional loans, PMI is typically required only if you purchase a home with a down payment of less than 20% or if you refinance your current home, and a new mortgage will exceed 80% of the.

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Private mortgage insurance, or PMI, is insurance that lenders require borrowers to have when they get a mortgage and don’t have enough equity in the home. For many buyers seeking a mortgage, avoiding the added expense of PMI means coming up with a 20% down payment when buying a home .

So, while FHA does not require PMI (a private mortgage insurance product), they do require borrowers to pay two different types of premiums – the upfront and annual MIP. Think of this way: Almost all borrowers who make a low down payment will have to pay for some kind of mortgage insurance.

*No Revision to the time period for Assessing Annual MIP For loans with FHA case numbers assigned on or after June 3, 2013, FHA will collect the annual MIP, which is the time on which you will pay for fha mortgage insurance Premiums on your FHA loan.

While you don’t have to pay private mortgage insurance on an FHA loan, you do have to pay mortgage insurance. It’s not private, as this mortgage insurance goes to the.

FHA home loans, as you probably already know, are insured by the federal government through the federal housing administration. So, technically speaking, PMI is not required for an FHA loan. But you’ll still have to pay a government -provided insurance premium, and it might be required for the full term, or life, of the mortgage obligation.

If you use this program within the first three years of taking out an FHA loan, you will get a prorated refund of the upfront mortgage insurance that you paid. You must wait until you have your current FHA loan for at least six months before you can refinance with the streamline program .

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FHA loans required a 3.5 percent down payment, requiring PMI to be paid on the 96.5 percent loan-to-value amount. Currently the monthly PMI is 0.55 percent of the loan amount, but as of October 5.

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