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thanks raymond, iam buying a new house and my frist good faith estimate did not have a $3000 charge for a funding fee, but after we agreed on a price the new good faith has pmi insurance and a $3000 fha funding fee??? how can i tell or prove to the bank lady that their is no such thing as a funding fee on a fha loan????? thanks again.
Federal First-Time Home Buyer ProgramsFHA Loans Pros – You can secure an FHA. (PMI) to protect the lender in the event you default. This is a standard piece to nearly all other mortgages. However,
Mortgage insurance is not cheap, often adding between $50-$150 to your monthly mortgage payment for typical prices in the Fort Hood, TX market. The three types of mortgage insurance are below for each loan type: FHA Loan = MIP; Conventional Loan = PMI; VA Loan = VA Funding Fee; These are not items you, the buyer, shop around for.
With the mortgage. fee on the bank’s “Affordable Loan Solution mortgage,” which is a fixed-rate loan for low- and moderate-income borrowers that features a “competitive rate” with a down payment as.
In fact, if you know where to look, it’s still quite possible to get a mortgage with. The downside of an FHA mortgage is that the fees – actually FHA mortgage insurance – can add up. Currently,
This type of insurance premium is generally used with FHA and USDA loans, and it’s calculated a bit differently than PMI. There is an upfront fee as well as a monthly premium, and the rate is based on.
MIP (Mortgage Insurance Premium) is FHA’s version of PMI, and also paid monthly. MIP is not included in the loan amount other than the portion that is paid Up Front as the funding fee. (ufmip) So to answer: You will usually see an FHA funding fee as part of the loan amount but it does not have to be.
Upfront mortgage insurance premium (MIP) is required for most of the FHA’s single family mortgage insurance programs. Lenders must remit upfront MIP within 10 calendar days of the mortgage closing or disbursement date, whichever is later.
PMI for Conventional Mortgages. If you can obtain a conventional mortgage with a 10 percent down payment, your PMI will be 0.5 percent of the outstanding mortgage. There is no upfront funding fee with PMI. Moreover, you can cancel PMI as soon as your LTV reaches 80 percent.