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FHA Loan/PMI
We know we have to pay PMI with an FHA loan...but the lender also mentioned paying $4000 at closing to cover PMI...I thought PMI was paid monthly...
Anyone know anything about this?
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Posted 5/5/11 2:42 PM  |
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Prudential Douglas Elliman Real Estate
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MarsB
LIF Adult
Member since 11/10 1456 total posts
Name:
Martha
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Re: FHA Loan/PMI
I'm pretty sure it's a 1% up front fee paid at closing. Plus the monthly fee.
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| Posted 5/5/11 2:59 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: FHA Loan/PMI
there was a recent change to PMI
I don't know enough about to explain it- I would ask your Loan Officer- they would be more up to date on the details
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| Posted 5/5/11 3:04 PM |
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MockingJay
Ring out the old...
Member since 9/08 1312 total posts
Name:
Ring in the new!
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Re: FHA Loan/PMI
It should be part of your projected closing costs- generally you pay between 0.5% and 1% at closing PLUS about $350-$400 per month for a $400k loan.
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| Posted 5/5/11 3:06 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: FHA Loan/PMI
Posted by Belongs2DanBuckley
It should be part of your projected closing costs- generally you pay between 0.5% and 1% at closing PLUS about $350-$400 per month for a $400k loan.
that sounds very high-
the new changes added about $60 a month give or take
again I would ask you loan officer
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| Posted 5/5/11 3:25 PM |
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carissa1643
I LOVE my sons! :)
Member since 5/09 5283 total posts
Name:
Carissa
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Re: FHA Loan/PMI
I thought the monthly PMI payment was around $100?
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| Posted 5/5/11 3:28 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: FHA Loan/PMI
Posted by carissa1643
I thought the monthly PMI payment was around $100?
it usually is
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| Posted 5/5/11 3:36 PM |
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Re: FHA Loan/PMI
I believe that for FHA loans, there is an upfront mortgage insurance premium that is 1% of the selling price. That is paid upfront at closing. So if it's a $400K house, then $4000 seems right.
As of 4/18, the monthly payments did increase for those who are getting new loans after this date (I think by .25%, but I am not positive on the details), but I think for the average buyer, it increased the payment about $30/month.
But again, I think your mortgage professional should be able to explain everything to you.
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| Posted 5/5/11 3:38 PM |
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