Sep
29
Do you have to pay both monthly and an upfront PMI for FHA loans?
Posted by fhacam Comments (3)
If so, can the upfront PMI be rolled into the mortgage?
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If so, can the upfront PMI be rolled into the mortgage?
Generally on an FHA the Lender requires a full year of PMI to be paid at closing, in addition to monthly reserves held in escrow.
Yes, and yes.
Yes, it is normally 1.5% of the loan amount up front (which can be rolled into your loan) and then .5% of the loan amount per month. Ex. On $100,000 loan the upfront would be $1,500 and the monthly would be $50.