The mortgage insurance premium paid on an FHA loan is always significantly higher than on a conventional program. On an FHA loan the borrower will be charged a mortgage insurance premium equal to 1.50% of the purchase price of the property and a renewal premium of .500% in subsequent years. By contrast the mortgage insurance premium charged at closing on a conventional program is as low as .500% (with 10% down payment) with renewal rate in subsequent years as low as .300% in subsequent years.
FHA Mortgage Insurance
FHA requires a mortgage insurance premium (MIP) for its homebuying programs. An up-front premium of 1.50% of the loan amount is paid at closing and can be financed into the mortgage amount. In addition, there is a monthly MIP amount included in the PITI of .50%. Condos do not require up front MIP - only monthly MIP.
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Aviara Real Estate
2555 Townsgate Drive Suite 200 • Westlake Village, CA 91361
Nate (805)418-2675 • Shane (805)418-2680
Nate Cell: (805)444-7862
Shane Cell: (805)807-2794
Fax: (805)435-2560
