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MIP Fee for FHA Loans

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noelle_t_Croteau Joined: 03 Nov 2009 Posts: 1 1.28 Dollars($)	Posted: Tue Nov 03, 2009 11:55 am    Post subject: MIP Fee for FHA Loans Like 0 Dislike 0 Hi, I have read a few of your posts about MIP fee's. i'm trying to refiance my home after a divorce and i have been informed that i have to go FHA. There are so many fee's it's just rediculious. Why if i'm only borrowing 110 on a house thats worth 160 do i have to pay MIP fees?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Tue Nov 03, 2009 2:03 pm    Post subject: Like 0 Dislike 0 fha is a guarantor of loans. the mip fee is paying for that protection. loan to value ratios have no bearing on the need for mip on an fha loan. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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