Posted on: 13th Apr, 2009 03:46 pm
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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.
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.