Is FHA mortgage insurance the same as PMI?
No. FHA MIP is government-program insurance with fixed HUD pricing. PMI is private mortgage insurance on conventional loans, priced by private MI companies and removable at certain LTVs.
What this actually means.
MIP usually stays for the life of the FHA loan when the down payment is below 10%. PMI on conventional drops automatically at 78% LTV (request at 80%). That difference is one of the bigger long-term cost levers between FHA and conventional.
Where this can move.
Loan term, LTV at origination, HUD's published MIP schedule at the time of origination, and refinance options can change the long-term cost.
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More FHA questions on Mortgage Insurance.
Educational only. FHA guidelines, lender overlays, rates, fees, and underwriting requirements can change. Final eligibility depends on full underwriting review. Mortgage Expert, Inc. is not affiliated with HUD, FHA, or any government agency.