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mip

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texas mom Guest	Posted: Wed Feb 16, 2011 7:58 pm    Post subject: mip Like 0 Dislike 0 is it required to have mip on a FHA 30 yr if you put 25% down at closing on the loan?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Feb 17, 2011 12:21 am    Post subject: Like 0 Dislike 0 Hi Guest! Welcome to forums! As far as I know, the FHA MIP is mandatory for the first five years of loan with terms of more than 15 years, even though the loan balance reaches 78% of the original home value or sales price. Feel free to ask if you've further queries. Sussane
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Thu Feb 17, 2011 4:43 pm    Post subject: MIP Like 0 Dislike 0 Always required on FHA 30 year fixedno matter what the size of the down payment. Not required on 15 year FHA fixed at or above a 10% down payment, except starting April, 2011 will always be required for FHA 5 year fixed also no matter what the size of the down payment. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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