Mortgage Insurance
Does FHA require PMI?
Short answer
FHA charges its own mortgage insurance, called MIP — not PMI. PMI is a conventional-loan term. FHA MIP applies on every FHA loan.
Plain-English explanation
Two parts on FHA: an upfront MIP (1.75% of the base loan, usually financed) and an annual MIP charged monthly. The annual MIP rate varies by term and LTV and is set by HUD.
What can change the answer?
Loan term, LTV at origination, HUD's published MIP schedule at the time of origination, and refinance options can change the long-term cost.
Related
Want the real answer for your file?
FHA guidelines are the rule. Your credit, income, payment, property, and county limit are what decide the actual answer.
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.