fha upfront mortgage insurance premiums: Frequently Asked Question: FHA / MIP / VA Funding Fee
- 11/15/09 02:29 PM
Frequently Asked Question: FHA / MIP / VA Funding Fee Q: Q: I am going over our Closing Costs Worksheet (for our preapproval) and I see "FHA/MIP/VA Funding Fee". What is this? Is this something that has to be paid at closing or can it be added into the loan? A: FHA has a one-time upfront mortgage insurance premium (UFMIP) of 1.75% of the mortgage amount. If you are doing an FHA loan, you can either pay the UFMIP out of pocket or roll it into the mortgage. If you are doing a 15 year mortgage with less than 10% down or … (5 comments)
Frequently Asked Question: FHA / MIP / VA Funding Fee
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