Does FHA require PMI?
FHA charges its own mortgage insurance, called MIP — not PMI. PMI is a conventional-loan term. FHA MIP applies on every FHA loan.
What this actually means.
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.
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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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.