Mortg Insurance depends on which company the lender puts you with, and it is based on a combination of your credit score and LTV.
FHA insurance with low down is the most expensive premium there is.
I can’t quote exact premiums, but with a high credit score and a 90% loan, on a $540,000 loan my guess would be $250-$300 a month.
SDE, At this time, I still have one solid lender that offers FNMA 95% financing (5% down) for high credit scores. I think the minimum score needs to be 720.
FHA @ 3.50% down 1.75% upfront fee is a sucker’s bet.
I still believe that many people are fooled into getting FHA loans, incorrectly thinking that it is their only option OR that it is a better loan for them.
It’s sad that consumer ignorance is exceeded by mortgage advisor ignorance.
It’s a feeding frenzy right now, and the hungry mortgage sharks are eating people alive who are shopping only by rate.
It’s a sad statement that people believe lies and are wary of the truth…. HLS
