topic Re: FHA LOANS in Mortgage Loans

FHA LOANS

Anonymous — Sun, 14 Oct 2007 02:35:56 GMT

What kind of rates can you expect with FHA loans? And do you have to pay PMI?

Re: FHA LOANS

John060675 — Sun, 14 Oct 2007 04:00:42 GMT

Rates are pretty much standard ones. You can see a good example of the rates if you click the "credit education" button at the top of this website.

Concerning PMI, no you do not have to pay it if you put down 20% or more.

Their website is wonderful and explains everything.

Good luck!

Re: FHA LOANS

ShanetheMortgageMan — Sun, 14 Oct 2007 19:24:04 GMT

On FHA loans there is always an Upfront Mortgage Insurance Premium (MIP) equivalent to 1.5% of the amount financed... and like John pointed out, monthly PMI is only charged if the LTV is above 80%. The monthly PMI is equivalent to .5% of the loan amount per year divided by 12 months. Rates vary very little with FHA loans from one lender to another, 6.25-6.75% is the range most lenders will be in right now.