Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is FHA MIP and how does it work?

April 26, 2017FHA MIP

0

Posted

What is FHA MIP and how does it work?

1 Answer

0

Posted

FHA MIP (Mortgage Insurance Premium) is a fee collected in connection with an FHA loan. For 30 year loans, the fee is 1.5% upfront, which is added to the mortgage amount. There is also a monthly mortgage insurance premium. For 30 year loans the monthly premium is .50% of the base loan amount (before the upfront MIP is added). This is added to the mortgage payment.