closing costs: The Dirt on FHA Mortgage Insurance (And Why You Should Be Glad to Pay) - 08/08/12 07:29 AM
I often hear agents and buyers express shock and dismay when the real numbers that make up mortgage insurance for an FHA loan are finally on the table, down and dirty for everyone to see.
What they should be doing is thanking their lucky stars there is still an FHA loan around to loan money at rates that are WAY TOO LOW for the RISK the loan carries.
In a market like ours (the San Francisco Bay Area) it is common for FHA buyers to buy $500,000 + houses with the standard 3.5% down.
The good news? 3.5% down on a $500,000 house is $17,500.
The bad … (9 comments)