FHA Mortgage Insurance Question.

[sugardust6]

I know if you put down 3.5% then the annual "MIP" is .55% and if you put down 5% it is .50% annually.. I just read a previous post that confused me.. What happens if you put a down payment of 10% on an FHA loan? How, if at all, will that affect the MIP? and/or the Up Front MIP? Thank you in advance....

[ShanetheMortgageMan]

Unless the mortgage term is 15 years or less there is no impact.  If the mortgage term is 15 years or less, and 10% or more is put down, then there is no monthly mortgage insurance.