Can upfront FHA MIP be financed?
Yes. For a standard FHA forward mortgage, the upfront MIP may be added to the loan amount or paid at closing, subject to the maximum-mortgage calculation and transaction rules.
What this actually means.
Financing upfront MIP makes the total loan amount larger than the base loan. Your lender should show the base amount, financed premium, total amount and resulting payment in the actual loan disclosures.
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.