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is the upfront mip fee waived on fha with 80 % ltv

by rosafarry008412 from Arlington, Massachusetts. Apr 17th 2015 Reply


Lynda Mckenzie (Lyndamck)
#9 ranked lender in Rhode Island - 33 contributions

Unfortunately no. I should also note that there is monthly mortgage insurance that stays for the life of the life regardless of the loan to value ratio.I have other mortgage options available that could be less costly if you would like to discuss. I am happy to help.

Apr 17th 2015
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Robert Oliveira (roberto)
#1 ranked lender in Massachusetts - 89 contributions

Hi Rosa, Unfortunately not the FHA upfront MIP is there no matter what you put down so it is best to just put the min. down. Also the monthly PMI is on for the life of the loan no matter what. This is the FHA policy. Now we can get a little creative with the Upfront MIP and also you may qualfiy for other products and options just depends on your own situation so call me. Robert Oliveira Province Mortgage 508 802 0935

Apr 17th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,788 contributions

All FHA loans have 1.75% upfront Fee regardless of your loan to value.. also, in just about every scenario, the annual/monthly MI premium is there for the life of the loan.. the only way to remove it would be to pay off your loan or refinance into a different loan product.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Apr 17th 2015
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Elden Lewis (elewis_409_299)
#41 ranked lender in Indiana - 223 contributions

Hi Rosa, All FHA loans have MIP. no matter what the LTV. There is a one time upfront fee of 1.75% as well as a monthly fee of .45% 1.05% depending on the loan size, term and LTV.I am Elden Lewis with Guaranteed Rate in Indianapolis, IN. If you need any further assistance please feel free to reach out to me at 317-225-4868.https://www.guaranteedrate.com/eldenlewis http://www.indianapolismortgageguy.com/

Apr 17th 2015
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Scott Murphy (scottmmurphy)
#22 ranked lender in Massachusetts - 15 contributions

Hi, Rosa. I believe the point has been made that FHA has both an up-front MIP and a permanent MIP regardless of down payment / LTV. My question is why are you leaning toward FHA if you may have access to 20%? If your score isn't quite up where it needs to be in order to go with conventional then I may still be able to help you. Give me a shout and we'll see what we can do for you. 781-258-1293. I'm right in Tewksbury and I do work evenings and weekends. Thanks ~ Scott

Apr 17th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

No, so if you have 20% downpayment and qualify a conventional loan will be a better option. However, FHA is more flexible than conventional loans and still is the only option for some borrowers.

Apr 18th 2015
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 637 contributions

MIP whether upfront or monthly is right now never waived on FHA maybe in the future they might adjust back to the monthly being remove after below 80% LTV..

Apr 18th 2015
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