Does FHA require PMI?
FHA uses mortgage insurance called MIP, not Conventional PMI. Standard FHA purchase loans generally include an upfront premium and an annual premium paid monthly.
What this actually means.
For the standard forward-purchase examples on this page, upfront MIP is 1.75% of the base loan and may be financed. The annual premium varies by term, loan-to-value and current HUD rules. Specialized transactions can be treated differently.
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.
Ask the question. Get the straight answer.
Send the scenario and I'll tell you what I'm seeing. No application fee. No long form just to get a basic answer.
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.