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Is this real Lender-Paid MIP on fha loans ?

by damonweeks784623641 from Sarasota, Florida. Sep 26th 2014 Reply

David Ortega (DavidOrtega)
#1 ranked lender in Minnesota - 227 contributions

In some cases, we are able to cover the cost of the up front MIP on FHA loans. However, there are no cases where the monthly MIP can be covered or waived.

Sep 26th 2014
William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,360 contributions

NO.. you cannot prepay MIP on an FHA loan. you can pay the Up front MI policy rather than adding it to the loan, but no the monthly.. on Conventional you can, but it's not advisable.. once you prepay MI or go lender paid MI, you will not be able to get a refund or have the MI removed since you are not paying it separately.. your far better off paying just regular MI and once you pay for 2 years or more and you hit 20% equity, you contact your lender and have the MI removed.. you will have to pay for an appraisal, but it will be worth it so long as the value is there.. 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

Sep 27th 2014
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