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Is the upfront mortgage insurance premium negotiable?

April 26, 2017mortgage insurance negotiable Premium upfront

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Is the upfront mortgage insurance premium negotiable?

1 Answer

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10 Posted

No. In order to cover some of the costs incurred by HUD for FHA loans, they must assess the upfront and monthly mortgage insurance to the home buyer. This upfront fee equals 1.50% and the borrower will have to pay 0.5% annually in mortgage insurance premiums. However, if you are buying a condominium, you do not have to pay the upfront mortgage insurance premium.