Do I Need Private Mortgage Insurance? (PMI)

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Icon Mini Profile mtgfixit




Joined: 13 Apr 2009

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PostPosted: Mon Apr 13, 2009 3:46 pm    Post subject: Do I Need Private Mortgage Insurance? (PMI)



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Karla A. Sitko
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Icon Mini Profile Realgeni




Joined: 13 Apr 2009

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PostPosted: Mon Apr 13, 2009 8:14 pm    Post subject:

If it is FHA loan, they callit as MIP - Mortgage Insurance Premium. As far as I know all FHA loans have MIP, when you make less then 20% down payment.

Also if the loan value is bigger than the conventional amount FHA loans require an upfront MIP of 1.75% of the loan value during closing.
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